A fiscal year or financial year is a period of time used to calculate annual (yearly) financial statements in businesses and other organizations. The system administrator can set the fiscal year for your organization. The fiscal year settings are used to report on the fiscal year timeline.
Salesforce supports two types of fiscal years:
Standard fiscal year
Custom fiscal year
Salesforce provides the Gregorian calendar as the standard fiscal year calendar by default. But this is not the same for every organization as some organizations use different calendars and need to change the fiscal year start month, for example, for the fiscal year starting in April, the standard fiscal year is used. Standard fiscal years can start on the first day of any month. Additionally, it can be defined whether the fiscal year is based on the start or end of the selected month.
To set up a standard fiscal year for your organization, follow these steps:
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