Hello There, Guest!

Thread Rating:
  • 0 Vote(s) - 0 Average
  • 1
  • 2
  • 3
  • 4
  • 5
A small change, but a good one
#1
Here in NZ our Financial year runs ends on 31st March and new one starts on 1st of April. However America runs end September/beginning of August.

So when American companies start in NZ, or get purchased by an American it can be very frustrating for the accountants and anyone else involved in this process. You have to produce year end accounts twice in the year, once for American accounts, and one for NZ. I used to work for a company like this - it can be very frustrating to have spending or whatever held over to the new financial year - but there is always one coming up!

To make is worse some companies also run budgets over the whole year eg Jan to Dec (as we also did) So with this added in it gets quite a mess with year end happening three times a year!

Relation to Amway: Amway in NZ (and I assume Ozzy) ran of the American financial calender. It was really quite strange to people why Amway had renewal dates, and qualification dates that had no relevance to NZ calendar.

So great news came through last week that renewals will run calender year. Big Grin That is pay for Jan-Dec each year. Much more logical way of doing it. And I suspect we all get 4-5months "free" while renewal system moves over to the new dates. I don't think that the qualification period has changed, as this is likely to be to complex.
 Reply
#2
I thought Amway switched to a Calendar year a few years back??
 Reply
#3
Deb Wrote:I thought Amway switched to a Calendar year a few years back??


Depends on the country, with regards renewals.

Qualifications are still September-August everywhere.

I don't know for sure but I'm guessing for corporate accounting purposes it's calendar year everywhere.
 Reply
#4
In the North American Market:

the fiscal year is January - December

and

the qualifications year is September - August

The fiscal year (renewal time as well as sales figures reporting) did change a few years ago, but the qualifications year stayed the same.

Why did the Q year stay the same? I have no idea. :confused:
 Reply
#5
Bridgett Wrote:Why did the Q year stay the same? I have no idea. :confused:


So the bonuses arrive in time for Christmas?? Wink
 Reply

 
Forum Jump:


Users browsing this thread: 1 Guest(s)