Glossary
What is Bikram Sambat fiscal year?
Nepal's fiscal year follows the Bikram Sambat calendar, running from Shrawan to Asar, roughly mid-July to mid-July. Annual accounts, audits and income tax are prepared on that basis rather than on the January to December year.
Working in the Bikram Sambat year changes when work happens, as well as how dates are written. The annual close lands at Asar end and the new year opens in Shrawan. Monthly tax deadlines follow the Nepali month, not the Gregorian (English) one. That is why a reminder set for the 10th of every English month slowly drifts out of place.
Two habits save trouble. First, keep your tax dates in Bikram Sambat, and convert them only when you deal with a bank or a foreign supplier. Second, make sure your reports can be filtered in both calendars. A bill dated at the very end of one Nepali month but recorded in the next will not reconcile, which means the records will not agree.
Invoice numbering is also tied to the fiscal year. The number sequence starts again each fiscal year and runs within it.
Glossary
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