ACCOUNTING 101 - Calendar vs. Fiscal Year

Welcome back to my ACCOUNTING 101 series of courses! Whether you are a business owner who wants to better understand accounting and finance or a new accounting student, these courses will help develop your fundamental understanding of basic accounting.

In this course I discuss the possible reporting periods for a business. Specifically, the difference between using a CALENDAR year reporting period and FISCAL year reporting period. I also discuss the possible reasons a company would elect a fiscal year instead of the traditional January through December period.

[re_nforce]

Thanks for the explanation! I went ten of thousands of dollars into debt going to a private university having never learned this, only to have it concisely explained to me in a 2 minute video. Gotta love the American education system!

[theeditorrestrial]

I'm still trying to get my head into this mode...appreciate this. Was told to prep for something for late first quarter of '25 which I'm thinking it would actually be in 2025 and so I may be looking at like Nov or Dec of 2024 or it could be Feb-March of 25. Arrrgffkkk

[amingram]

Thanks for the info. My nonprofit operates on a FY. For tax purposes, do I focus on the CY. For instance, I am totaling all money raised in 2022 to send out acknowledgement letters. Do I calculate all of 2022 or just July - Dec 2022?

[Bmwm]

I am reporting UK limited company based on fiscal year for an American individual who files corporation form 5471 in the US. My question is does US GAAP allows fiscal year for UK limited company who is reporting financial transactions in a US corporation form and does the financial statements needs to be converted to match US calander year or can the fiscal year numbers gets reported under US GAAP directly without any apportioning?

[annapurnabonakurthi]

Hi Chris, Thanks forvideo, I would like to know how each fiscal calendar contains one or more fiscal years in ERP, Could you plz advise

[kylegregory]

With a fiscal year elected, do you close the books (Temp accounts) per calendar year still OR do you close the books as of the fiscal year end?

[universelove]

if im a new business and i started in the niddke of the year, would i use fisical year or could i still use the calender year ?

[AlexisMarquez-yk]

TO LINDSAY LOHAN, YOU CAN TRUST NICOLE JOSEPHINE LEDESMA. SHE IS A VETERINARIAN. SHE IS NICE TO ME SINCE WE WERE KIDS. ❤

[kevywilliams]

You DONT ALL have the possibility to change it !