A Fiscal Year is used to record and report the transactions for the year.
It is also known as a financial year or a budget year. It is used for calculating financial statements in businesses and other organizations. The Fiscal Year may or may not be the same as a calendar year.

For tax purposes, companies can choose to be calendar-year taxpayers or fiscal-year taxpayers depending on the jurisdiction. In many jurisdictions, regulatory laws regarding accounting and taxation require such reports once per twelve months. However, it is not mandatory that the period should be a calendar year (that is, 1 January to 31 December).

A Fiscal Year usually starts at the beginning of a quarter, such as April 1, July or October 1. However, most companies' Fiscal Year also coincides with the calendar year, which starts on January 1.

1. Pre-requisite

No Pre-requisite required

2. How to Create a Fiscal Year

To access the Fiscal Year list, go to:

Finance > Basics > Fiscal Year