Master Calendar - A master calendar table is a dimensional table that links to a date in the data, e.g. DateField(StartDate/,EndDate/CreatedDate/OrderDate,etc...), Which does not exist in the database, Master Calendar should have standard features you'd expect in a calendaring system (like calendar and list views by Day, Week,Month, Year, Quarter, RollingMonth, FiscalMonth ,FiscalQuarter,FiscalYear,etc...). So End users have the ability to view / filter data by day, week month and year, etc...
User needs Time dimension to analyse data over the period of time(eg - month to previous month, quarter to previous quarter, year to previous year....)
Usually Master calendar is generated for Jan to Dec,where as for Financial Calendar it varies(eg Apr -Mar or Aug to Jul).
Financial Calendar:
A Financial Calendar( Financial year/Fiscal year/sometimes budget year)
is a period used for calculating annual ("yearly") financial statements in Companies and other organizations.
Financial years vary from Company to Company and Country to Country.
The "Financial year/Fiscal Year" may also refer to the year used for income tax reporting.
