Starting and ending date of a company financial year is considered as Fiscal year. The fiscal year is used to calculate annual financial statements in business and other organizations. Salesforce has two types of the fiscal year :
* Standard Fiscal year
* Custom Fiscal year
Standard fiscal year : Salesforce provides a calendar by default as the standard fiscal year. It's a Gregorian calendar. But it is not necessary that all the organizations use the same calendar, some organizations use different calendars and need to change the fiscal year start month. 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 navigate to
Setup-> Administer->company profile-> Fiscal year
Select the option of Standard Fiscal year
Custom fiscal year : When the standard fiscal year does not meet the requirements of the organization, then Custom fiscal year is used. To use the custom fiscal year, the administrator has to enable it. The administrator must define the fiscal year to fit the company's calendar.
To set up the company's fiscal year, navigate to
Setup-> Administer-> company profile-> Fiscal year
Select the option of Custom Fiscal year
Select the checkbox next to the terms statement
Click on Enable custom fiscal year
Click on OK
