Can you please tell what actually the meaning of Fiscal Year?
and how it differs under ERP?
Fiscal Year is nothing but the financial year of your organization. In SAP there are different standard fiscal year variants available as per different financial years generally followed in different countries say like
for us they follow calendar year,
for india we follow april - march
some other countries july - june financial year.
Also in SAP shortened fiscal year is also possible means that if you are setting up a new organization in this financial year say from middle of the year then for this year u can create a shortened fiscal year.
Also there are two type of fiscal year one is year dependent and the other is year independent.