Automated New Fiscal Year Creation Before its Beginning

Overview

This document is applicable to all the customers using CL Loan.

A new fiscal year should be created each year, at the end of the current fiscal year. From the 2.9021.15 (Ursa patch), 3.1028.5 (Virgo patch), 3.2039.2 (Hydrogen patch), and 3.3030 (Lithium) release onwards, you do not have to manually create the next new fiscal year as the system is enabled to automate the creation of a new fiscal year before its beginning; however, you must perform certain important checks based on the fiscal year setup that you have selected. 

The system automatically creates a new fiscal year based on the type of Salesforce fiscal year that is set up in the org, and there are two types of Salesforce fiscal years that you can set up in your org: 

• Standard Fiscal Year

• Custom Fiscal Year

Salesforce Setup: Standard and Custom Fiscal Year 

Check Before the Next New Fiscal Year Begins

Before the next fiscal year begins, perform the checks based on the Salesforce fiscal year type selected in your org.

Salesforce Standard Fiscal Year

If your org has Standard Fiscal Year as the fiscal type selected, you do not have to check anything as long as the SOD/EOD jobs are run by the automatic schedulers to move the dates from the previous fiscal year to the next fiscal year dates automatically. 

Salesforce Custom Fiscal Year

If your org has Custom Fiscal Year as the fiscal type selected, then the system must have a record of the next fiscal year already created. Hence, before the system moves to the start of the next fiscal year, it is imperative to ensure that a record of the next fiscal year is already created in the system.

If a new fiscal year record is not created, the system will throw an exception indicating that the fiscal years are not found and the system will not move to the next date of the new fiscal year. If it is created, then the EOD/SOD jobs run by the automatic schedulers will move the system to the next date without any exceptions or errors.

Check and Then Add If a New Fiscal Year is Not Created

Steps

To check whether the next fiscal year record is created or not, do the following:

1. Log in to your Salesforce account.

2. Go to (Setup) > Setup.

3. In the Quick Find box, search for Fiscal Year, and then click it.

   Fiscal Year

   

   This displays the list of fiscal years created. 

   Note:

   In the following image, we have assumed that the current fiscal year is 2020 and the new fiscal year to be created is 2021.

   List of Fiscal Years Created in the System

   

4. You can check here to see whether the next fiscal year is created or not.

   Note:

   In the preceding image, you can see that the new fiscal year 2021 is not existing in the list.

5. On checking, if you see that the next fiscal year is not created, then add a new custom fiscal year by clicking New and then performing the following steps further:

   In the following image, you can see that the current fiscal year is 2020, and the next fiscal year 2021 is not created.

   Note:

   For more information on creating a new Salesforce Custom Fiscal Year, see the following Salesforce link: https://help.salesforce.com/s/articleView?id=sf.admin_define_cfy.htm&type=5

   Add New Custom Fiscal Year

   

6. Select a template and then click Continue.

   Note:

   The template that you select depends on the template that you have used in your previous custom fiscal year. For more information on the Fiscal Year Structure and the template types are, see the following Salesforce link: https://help.salesforce.com/s/articleView?id=sf.admin_cfy_template.htm&type=5

   Select a Template

   

7. On the Custom Fiscal Year Definition page, provide the details as explained in the following table, and then click Save:

   You can refer to the following Custom Fiscal Year Definition image as an example.

   Field	Action and Description
   Fiscal Year Structure	This is the name of the structure that you have selected in the preceding step.
   Fiscal Year Start Date	Specify the start date of the new fiscal year.
   Fiscal Year Name	Specify the year of the new fiscal year.
   Description	Provide a description of the fiscal year.
   Week Start Day	Select the day of the week that would indicate the start of the week. For example, you can select it as Sunday.

   

Managed Fiscal Years Created in your Org

If you go to the Fiscal Year tab, you can see the managed fiscal years created.

Managed fiscal years are the actual fiscal years created by the product by the SOD jobs that run at the start of the new year. The product creates them based on the Salesforce fiscal year type selected as explained in the previous sections.

• If you had selected Salesforce Standard Fiscal Year type, then the Product creates a managed fiscal year that is of the type Standard Fiscal Year with the dates as specified in the Standard Fiscal Year set up of Salesforce.

• However, if you had selected the Salesforce Custom Fiscal Year type, then the product creates a managed custom fiscal year with the details defined in the Salesforce Custom Fiscal Year that you had created.

To understand the difference between the managed standard fiscal years created and the managed custom fiscal years created, see the following image:

Fiscal Years

As seen in the preceding image:

• The managed fiscal years have the Closed and the Open status.

• The managed fiscal years created with a Fiscal Year Setting Id are the managed custom fiscal years IDs indicating that these are of the type Custom Fiscal Years.

• The managed fiscal years without the Fiscal Year Setting Id are the managed standard fiscal years of the type Standard Fiscal Year and the information is derived from the Company Information section.

Additional Information

Company Information

By default, the month that the fiscal year starts with is selected as January in every org, as highlighted in the following Company Information image:

Setup > Company Information

Add the Fiscal Year Tab

The Fiscal Year tab is used only to view all the types of Fiscal Years created. 

If you do not see the Fiscal Year tab, do the following:

1. Create a new tab for the Fiscal Year object.To create a new tab for the Fiscal year object:

   1. Log in to your Salesforce account.

   2. Go to (Setup) > Setup.

   3. In the Quick Find box, search for Tabs, and then click it.

   4. In the Custom Object Tabs section, click New.

      New Custom Object Tabs

      

   5. Provide the details as described in the following table, and then click Next.

      Field	Action and Description
      Object	Select the object for which you want to create the new tab. For example, in this case, you can select Fiscal Year.
      Tab Style	Select the tab style that you want.
      Description	Provide a description of this new tab.

      

   6. Select the required user Profile for which the new custom tab must be available, and then click Next.

   7. Select the custom apps for which the new custom tab will be available, and then click Save.

2. Add the Fiscal Year tab on the Q2 Loan Servicing navigation bar.

   To do this:

   1. Click the (App Launcher).

   2. In the Search apps and items... box, search for Q2 Loan Servicing and then click it.

   3. Click  (Personalize your nav bar)

      

   4. Click Add More Items.

   5. In the left Available Items pane, click All.

   6. In the Search all items... search box, search for Fiscal Year and then click .

   7. Click Add 1 Nav Item.

      Add Fiscal Year

      

   8. Click Save.

      This updates the Home page with the Fiscal Year navigation bar item.

      Fiscal Year Added

      

Manually Create the Managed New Fiscal Year Record For Earlier Versions

If you are on versions earlier than 2.9021.15 (Ursa patch), 3.1028.5 (Virgo patch), 3.2039.2 (Hydrogen patch), or 3.3030 (Lithium), and if the new fiscal year is not yet set up for the new year, then when the current year is about to end, the EOD (End of Day) job will fail on the last day of the current fiscal year. Thus, for these earlier versions, before the current year ends, you must manually create a new managed fiscal year record for the next new year.

Steps

To add a new managed fiscal year record manually, do the following:

1. Log in to your Salesforce account.

2. Click Fiscal Year.

   Note:

   If you do not see the Fiscal Year tab, then you will have to add it. For more information on how to add it, see Add the Fiscal Year Tab.

   Fiscal Year

   

3. Click New. 

   

4. On the New Fiscal Year page that appears, provide the details as explained in the following table, and then click Save:

   Note:

   You can refer to the New Fiscal Year image as an example.

   Field Name	Action and Information
   Fiscal Year Name	Specify a name for the new fiscal year. For example, if you want to create a new fiscal year for the year 2021, you can specify it as Fiscal Year 2021
   Start Date	Specify the start date of the new fiscal year in the mm/dd/yyyy format.   For example, if you want to create a new fiscal year that begins on January 1, 2021, then specify it as 1/1/2021.
   End Date	Specify the end date of the new fiscal year in the mm/dd/yyyy format.   For example, if your fiscal year ends on December 31, 2021, then specify it as 12/31/2021.
   Status	Select Future if you are creating the new fiscal year on, or before, the end of day on December 31, as the system considers December 31 as the end of the current fiscal year.  Following are the options available: Future: This indicates that the new fiscal year is the next year and you can perform transactions only when the next year starts or is in the Open status. Open: This indicates that the fiscal year is the current fiscal year and you can perform the transactions for this new year.  Close: This indicates thatthe fiscal year is the past fiscal year, which is closed and you cannot perform any transactions this year.

   

   This creates the new fiscal year 2021 with the status as Future. Then when the EOD/SOD job runs, the End of Day Job updates the status of the current fiscal year to Close and the status of the created new fiscal year to Open. It also creates the day process records for the next new year. The SOD job then runs if the new fiscal year record exists with Open status.