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How to Configure Custom Fiscal Year in Salesforce?

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How to Configure Custom Fiscal Year in Salesforce?

Some companies categorize their fiscal years, quarters, and weeks into custom fiscal periods based on their financial planning. Salesforce allows you to define these periods per your needs by giving you the option of Custom Fiscal Years.

Enabling Custom Fiscal Year in Salesforce affects your forecast, quotas, and reports. When you configure a Fiscal Year in Salesforce, all existing forecast history and records are deleted from the year’s first period onward.

Learn How to Configure Custom Fiscal Year in Salesforce

Go to Setup, and in the quick find, type in the fiscal year, and you will end up on the fiscal year page.

Custom Fiscal Year in Salesforce

Now, this particular custom fiscal year follows the 455 templates, and we will first see what it means:-

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About the 455 template.

Each quarter has three periods, two or four weeks each, and the third one of five weeks. So, if period one has 4 weeks, period two has 4 weeks, but period three has 5 weeks, this is the 455 templates.

Custom Fiscal Year in Salesforce

If you want to reset your fiscal year structure, consider the following point:-

Instead of the 455 template, or if you want to change it to 4 or 54 or 544, you can do that or choose another template. Be wary of the fact that when you do this to an existing custom fiscal year, the forecast calculations will take place again and can take a significant amount of time.

Now, assume that the fiscal year start date is 1st Feb 2021 onwards. The fiscal year name is set up default to the year of the ending month. In this case, it is Jan 2022. So, the naming convention is going to be fy2022. And the name of the fiscal year will be determined by the prefix ‘fy.’

“Week Start Date” is the preview’s first day of the week. According to the selected date, the fiscal year starts from Monday onwards. Under advanced customization, you can further insert or delete the length of your fiscal period. And you can also change the naming convention.

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Now, let’s go through the Settings,

Choose the “Quarter Name” scheme. So there are two values that you can select, numbered by year. Or the custom quartered names numbered by year will default to Q1, Q2, Q3…

And if you choose to add more quarters, you can add them in addition to the default four quarters, you can do so by selecting Custom Quarter Names, and you can also define your naming convention. In the prefilled example in the drop-down, spring, summer, fall, and winter are there. But you can configure these drop-down values as well.

You can change the fiscal year start date, name of the fiscal year, description, or week of the start date. Sometimes when you change the fiscal year start date, the fiscal year overlaps with the previous fiscal year or creates a gap between the two fiscal years.

You can’t change a fiscal year’s start or end date if that causes it to overlap with a fiscal year defined using a Gregorian year template.

Go through the video for more detailed information on how to configure Custom Fiscal Year in Salesforce, which gives you an in-depth understanding of Custom Fiscal Year in Salesforce with examples and explanations.

Summing Up

The custom fiscal year in Salesforce allows you to accurately analyze the data over the years. It helps analyze the data related to revenue, earnings, and other expenses.

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