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Automate Fiscal Year Calculation and Auto Populate in Power Apps Form

Managing financial data accurately in Power Apps involves calculating the current fiscal year (FY) and quarter (Q) based on the current date.

Automating this process ensures consistency and efficiency in data

This comprehensive guide will walk you through calculating the fiscal year and quarter and automating their entry into a Power Apps form data card.

Why Automate Fiscal Year Calculation?

Businesses often operate on a fiscal calendar different from the standard calendar year. For example, a company might start its fiscal year in July and end it in June. Knowing the current fiscal quarter is essential for accurate financial reporting, budgeting, and strategic planning.

Step-by-Step Guide to Setting Up Fiscal Year Calculation

Here is a Power Apps formula to set global variables that determine the current fiscal year and quarter.

Setting the Current Time

The Now() function retrieves the current date and time.

Set(GblCurrentTime, Now());

Extracting the Current Month and Year

The Month() and Year() functions extract the current month and year from the GblCurrentTime variable.

Set(GblCurrentMonth, Month(GblCurrentTime));
Set(GblCurrentYear, Year(GblCurrentTime));

Determining the Fiscal Year and Quarter

The nested If statements check the current month and assign the appropriate fiscal year and quarter string to the Current year variable.

  • Q1 (July to September) 
    If(GblCurrentMonth >= 7 && GblCurrentMonth <= 9, "FY-" & gblcurrentyear + 1 & "-Q1")
  • Q2 (October to December) 
    If(
    GblCurrentMonth >= 10 && GblCurrentMonth <= 12,
    "FY-" & gblcurrentyear + 1 & "-Q2"
)
  • Q3 (January to March) 
    If(GblCurrentMonth >= 1 && GblCurrentMonth <= 3, "FY-" & GblCurrentYear + 1 & "-Q3")
  • Q4 (April to June) 
    If(GblCurrentMonth >= 4 && GblCurrentMonth <= 6, "FY-" & gblcurrentyear + 1 & "-Q4")

Auto Populate in Fiscal year in Form control Data card

Set(CurrentYear,
    If(
        GblCurrentMonth >= 7 && GblCurrentMonth <= 9,
        "FY-" & gblcurrentyear + 1 & "-Q1",
        If(
            GblCurrentMonth >= 10 && GblCurrentMonth <= 12,
            "FY-" & gblcurrentyear + 1 & "-Q2",
            If(
                GblCurrentMonth >= 1 && GblCurrentMonth <= 3,
                "FY-" & gblcurrentyear + 1 & "-Q3",
                If(
                    GblCurrentMonth >= 4 && GblCurrentMonth <= 6,
                    "FY-" & gblcurrentyear + 1 & "-Q4"
                )
            )
        )
    )
);

On Default Property of DataCardValue = Currentyear

Conclusion

Automate fiscal year calculation and entry in Power Apps forms.

This guide covers setting up fiscal year variables and auto-populating them in the form of data cards to enhance accuracy and efficiency in financial data management.


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