Aligning Your Data with Fiscal Years: A Step-by-Step Guide
In various organizational contexts, it is essential to express date fields in terms of the fiscal year rather than the calendar year. While the calendar year runs from January 1st to December 31st, an organization’s fiscal year may commence in a different month. For instance, a company might define its fiscal year to run from June 1st to May 31st.
What is Fiscal Year Start?
The fiscal year start is the date on which an organization begins its fiscal year. This period is crucial for financial reporting, budgeting, and performance evaluation. Organizations may choose a fiscal year that aligns with their business cycles, industry standards, or regulatory requirements.
Why Use Fiscal Year Instead of Calendar Year?
Using fiscal year equivalents (such as Fiscal Year, Fiscal Quarter, and Fiscal Week Number) allows organizations to better align their financial reporting and analysis with their operational activities. This alignment can provide more relevant insights into performance and financial health.
How to Apply Fiscal Year Start For the Column in Data Source Level?
To apply the fiscal year start in a data source, follow these steps:
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Access the Settings: Navigate to the date column you wish to modify. Click on the settings icon.
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Select Fiscal Year Start: Click on the Fiscal Year Start option. This will display a list of months from which you can choose the starting month for your fiscal year.
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Choose the Desired Month: Select the month that marks the beginning of your fiscal year. This selection will adjust the date values in your view to reflect fiscal equivalents.
How to Apply Fiscal Year Start For the Column in Widget Level?
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Create or Edit a Dashboard: After creating the data source, you can either create a new dashboard or edit an existing one.
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Assign Data: Drag and drop the “Date” dimension into the widget Assign data section of the dashboard.
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Access Settings: Click on the settings option in the menu.
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Select Fiscal Year: In the Date Settings window, select the fiscal year you want to visualize.
By applying the fiscal year start, organizations can ensure that their data representation aligns with their financial reporting needs, providing clearer insights into their performance over the fiscal period.
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