---
title: "Fixing Fiscal Year Error"
space: "ERPNext"
url: "https://docs.frappe.io/erpnext/fiscal-year-error"
updated: "2026-07-31"
---

While creating any entry, system validates if dates (like Posting Date, Transaction Date etc.) belong to Fiscal Year selected. If not, system throws an error message saying:

`Date ##-##-#### not in fiscal year`

You are more likely to receive this error message if your Fiscal Year has changes, but new Fiscal Year still not set a default. To ensure new Fiscal Year is auto updated in the transactions, you should setup your master as instructed below.

#### Create New Fiscal Year

Only User with System Manager's Role Assigned has permission to create new Fiscal Year. To create new Fiscal Year, go to:

`Accounting > Accounting Masters > Fiscal Year`

Read [Fiscal Year](/erpnext/fiscal-year) to learn more.

#### Set Fiscal Year as Default

After Fiscal Year is saved, you will find option to set that Fiscal year as Default.

![Set Fiscal Year as Default](/files/set-fiscal-year-as-default.png)  


Default Fiscal Year will be updated in the Global Default setting as well. You can manually update Default Fiscal Year from:

`Settings > Core > Global Default`

![Current Fiscal Year Setting in Global Defaults](/files/current-fiscal-year-in-global-defaults.png)  


Save Global Default, and Reload your ERPNext account. Then, default Fiscal Year will be auto-updated in your transactions.

Note: In transactions, you can manually select required Fiscal Year, from More Info section.