c2c-oerpscenario team mailing list archive

["David Mitchell \(www.novapointgroup.com\)" <david@xxxxxxxxxxxxxxxxxx>]

Hi Group,

Based on what we see in Quickbooks and other financial packages - Fiscal
Year is the term to use here in the US. Fiscal Year is synonymous with an
annual accounting period for record keeping.

An executive would say - "our Fiscal Year results for 2010 are $XXX,XXX,XXX
dollars", even though they may be running on what is called a "Calendar
year" schedule.

See the definitions below from our IRS.

In the US, companies have to select one of two accounting period methods in
which to keep books and then report income taxes annually to our Internal
Revenue Service.

>From the IRS.

You must figure your taxable income on the basis of a tax year and file an
income tax return. A “tax year” is an annual accounting period for keeping
records and reporting income and expenses. An annual accounting period does
not include a short tax year. The tax years you can use are:

   - *Calendar year* - A calendar tax year is 12 consecutive months
   beginning January 1 and ending December 31.
   - *Fiscal year* - A fiscal tax year is 12 consecutive months ending on
   the last day of any month except December. A 52-53-week tax year is a fiscal
   tax year that varies from 52 to 53 weeks but does not have to end on the
   last day of a month.

Fiscal Year is fine from our perspective - as in usage it encompasses both
calendar year and fiscal year - and is what the other accounting packages
use (Microsoft, Sage, etc).

David Mitchell
President
NovaPoint Group LLC


On Fri, Nov 19, 2010 at 4:10 AM, Geoff Gardiner <geoff.gardiner@xxxxxxxxx>wrote:

> When you are presenting to a UK or US audience, the system should not need
> translating. (I have never heard of Fiscal being used in this context, for
> example, so would prefer Financial.) I recommend that Fiscal or Financial
> should follow whatever Sage or QuickBooks, etc, use.
>
> Regards,
> Geoff
>
> 2010/11/18 Paulino Ascenção <676922@xxxxxxxxxxxxxxxxxx>
>
> The terms may not be the most commonly used in some countries, like mine,
>> but the translations don't have to be literal.
>> This is not an issue!
>>
>
> When you are translating, this is not an issue, I agree.
>
>
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-- 
The term "fiscal year" would be better rephrased as "financial year"
https://bugs.launchpad.net/bugs/676922
You received this bug notification because you are a member of C2C
OERPScenario, which is subscribed to the OpenERP Project Group.

Status in OpenObject Addons Modules: Invalid

Bug description:
IMHO naming the year of accounting after the fiscal aspect is wrong.
Indeed, nothing stops you from basing your accounting on a financial period that does not match the fiscal schedule.
In France for example, you are allowed to start your accounting any month of the year, but the taxe scheduleis based on the calendar year.
Its now too late to change this before v6 because translations have begun, but it could be considered for 6.1 or later.
Lionel