When customers are starting a budget or forecast part way through their fiscal year they may want to only forecast part of that year. These options are configured in this setup step
Default First Projected Year Setup
The default setup is that your first projected year will start in the first period of your fiscal year. I always recommend that our customers leave the first drop-down in its default position.
Configuring a Shortened First Projected Year
Lets say you have realized results for the first three months of the year and you want to start budgeting in April. WHILE NOT RECOMMENDED, you can select to start your first projected year in April.
The result is a truncated first year, that spans April through December. This splits your current year into Historical and Actual Results and this approach is not recommended for first time users, as it has impacts on reporting. Instead see the recommend setup in the next bullet point.
Setting up Actual Results in the Current Year
Using the same example above where you have realized financial result through March, the better setup is to leave the top drop down as the default (January). Instead this time, select March from the second of the two drop down boxes.
The result is that part of your year will be split between Actual (realized) results and Budgeted periods.