Navigate to Setup>Company Profile>Fiscal Year
To help with financial reporting consistency, Salesforce has provided two options when defining your organisation's fiscal year.
1. Fiscal Year Start Month
2. Fiscal Year is Based On
'Fiscal Year Start Month' allows you to choose the beginning month of your organisation's fiscal year. E.g If your Fiscal Year Start Month is July, your fiscal year begins 1st July.
'Fiscal Year is based on' is used to determine the *naming* of your fiscal period. If it is based off the ending month, for the period of 1st July 2018 to 30th June 2019, the Financial Year in reports and forecasts will be FY 2019. If it is based off the starting month, the same fiscal period would be considered FY 2018 instead.
The current fiscal year will become available for selection when Generating Consolidated Statements