What is Fiscal Year?

Definition and meaning of fiscal year: A fiscal year is the 12-month period that a government or organization uses for accounting and budgeting purposes. It can be any 12-month period, such as January to December, April to March, or July to June, and is not necessarily the same as the calendar year. For the United States government, the fiscal year runs from October 1 of one year to September 30 of the next year. Fiscal years are used to help organizations manage their finances, and they are especially important in government budgeting.