Fiscal calendars, which are based on financial reporting requirements, can start on any date. Fiscal calendars can include members on the following time periods: year, semester, trimester, quarter, month, week, and day.
When a calendar is created, the year is divided first into weeks and then into months.
For example, consider a calendar that is based on a quarter-month pattern that defines a 7-day week. A 52-week year represents a twelve-month reporting period that includes four repetitions of two months of four weeks and one month of 5 weeks. For each quarter, you select a three-month pattern (4-4-5, 4-5-4, or 5-4-4 weeks). A 53-week year contains an extra week.
Note: | When a month starts on a specified date that occurs in the middle of a week, the week is split into two weeks, possibly resulting in years that contain more than 53 weeks. |