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Explain the effect of changing fiscal year configuration within Salesforce.

If your company has a fiscal year that does not match the standard calendar year (for example, Salesforce.com’s fiscal year starts in February), then you will want to configure fiscal years so that forecasting, quotas, and reporting align.

For example, selecting a date filter ‘Current FY’ on an opportunity report is influenced by fiscal year configuration (whereas calendar year and calendar quarter are not).

Changing fiscal year configuration can result in data loss.

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Salesforce.com Fiscal Year Configuration

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