G Example Contract periods that cover more than one calendar year

Mr. Darcy applies in October.  He is employed under a contract with a local bank to revise their human resources policy.  The contract runs from September 1^st through March 31^st of the following year.  He is paid $2000 monthly for a total of $14,000. 

He was paid $2000 in September, and has not been paid yet for October.

The monthly equivalent is calculated by taking the income he will get under the contract from the month he applied through September of the following year. 

He will get $2000 per month for the months of October through March for a total of $12,000.  This amount is divided by 12 to get the monthly equivalent of $1000.