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Calendar Convention

Calendar Convention

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Calendar Convention

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The GeeDee System uses two calendars:  the Standard (Gregorian) calendar and the GeeDee calendar (see Processing Periods).

 

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The Standard (Gregorian) calendar is the one we all know; divided in to 12 months; January to December, with the number of days ranging from 28 to 31.

 

The GeeDee calendar also has 12 segments, but these are known as periods. Periods do not have a set number of days.

For example: You might do your End of Period on the 23rd of December before the Christmas break. Your GeeDee Calendar will roll over to January, even though the actual month is still December.

 

A period can involve transactions which are recorded in just the one month (1 - 31 January, which would be known as the January period); over two months (31 December - 31 January, which would also be known as the January period); and over 3 months (31 December - 2 February, which would also be known as the January period).  A period could also cover from 4 - 25 February, a matter of only three weeks.

 

There are two very important accounting functions that occur every month and every period and these functions are controlled by both calendars.

 

The first function is period end processing and is normally carried out towards the end of a month, (but in fact can be undertaken on any day of a month). Period end processing involves the payments to Lessors, the payment of agent commission fees, and the roll-over of data ready for the next period.

 

The second function is the audit reports, which are printed on the first day of each month. These detailed reports substantiate the trust account was in balance at the end of the month, which is a requirement under the REBA Act. Under the Act, the end of the month literally means midnight on the last day of the month.

 

These two functions produce two separate sets of documents: the end of period documents and the end of month audit documents. These documents should be filed separately, to avoid confusion.

 

It is most important for everyone to understand the calendar convention so that they can clearly distinguish between the end of period processing (sometimes referred to as end of month Lessor processing), and the end of month audit reports.

 

Note:  Every transaction that is entered in the GeeDee System contains the initials of the operator, the date and time of the entry and the current period number.

 

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