The fiscal year and its customization
A fiscal year or financial year is a period used for calculating 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
Standard 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, our typical business year starts from 1st April and ends on the 31st March of the next year, which follows the standard fiscal year. Standard fiscal years can start on the first day of any month. Additionally, they can be defined whether the fiscal year is based on the start or the end of the selected month.
To set up the standard...
