What is fiscal year or economical year in Salesforce?

DWQA QuestionsCategory: QuestionsWhat is fiscal year or economical year in Salesforce?
Editor Staff asked 1 month ago

What is fiscal year or economical year in Salesforce?

1 Answers
Editor Staff answered 1 month ago

The fiscal year or economical year is defined as the period of time used for calculating annual financial statements based on starting and ending date of a company’s financial year. In this period of time, whatever the amount of business that Salesforce has done can be considered as fiscal year and depicts the Salesforce revenue.
There are two types of fiscal years in Salesforce. They are:

  • Normal or standard fiscal year: It is a period that allows estimating by following the Gregorian calendar year that has a 12-month structure. Starting of the fiscal year can begin with the very first day of any month you choose belonging to a particular year. For example, for the fiscal year starting in April, the standard fiscal year is used.
  • Custom fiscal year: It is mainly defined for the companies that lay their forecast based on weekly or quarterly financial planning and can also customize the same. For example, you may have 4 quarters with 13 weeks per quarter in a 4-4-5 pattern or 13 periods per year.