diff --git a/app/Abstracts/Report.php b/app/Abstracts/Report.php
index 6a121f0a8..e99744209 100644
--- a/app/Abstracts/Report.php
+++ b/app/Abstracts/Report.php
@@ -371,7 +371,15 @@ abstract class Report
     {
         switch ($this->getSetting('period')) {
             case 'yearly':
-                $i = $date->copy()->format($this->getYearlyDateFormat());
+                $financial_year = $this->getFinancialYear($this->year);
+
+                if ($date->greaterThanOrEqualTo($financial_year->getStartDate()) && $date->lessThanOrEqualTo($financial_year->getEndDate())) {
+                    if (setting('localisation.financial_year_denote') == 'begins') {
+                        $i = $financial_year->getStartDate()->copy()->format($this->getYearlyDateFormat());
+                    } else {
+                        $i = $financial_year->getEndDate()->copy()->format($this->getYearlyDateFormat());
+                    }
+                }
 
                 break;
             case 'quarterly':
diff --git a/app/Http/Controllers/Settings/Localisation.php b/app/Http/Controllers/Settings/Localisation.php
index 6f4b1f709..b538d865e 100644
--- a/app/Http/Controllers/Settings/Localisation.php
+++ b/app/Http/Controllers/Settings/Localisation.php
@@ -41,12 +41,18 @@ class Localisation extends Controller
             'both' => trans('settings.localisation.discount_location.both'),
         ];
 
+        $financial_year_denote_options = [
+            'begins' => trans('settings.localisation.financial_year_denote.begins'),
+            'ends' => trans('settings.localisation.financial_year_denote.ends'),
+        ];
+
         return view('settings.localisation.edit', compact(
             'timezones',
             'date_formats',
             'date_separators',
             'percent_positions',
-            'discount_locations'
+            'discount_locations',
+            'financial_year_denote_options'
         ));
     }
 }
diff --git a/app/Traits/DateTime.php b/app/Traits/DateTime.php
index 0f3fbe5ea..6bcaa4fe8 100644
--- a/app/Traits/DateTime.php
+++ b/app/Traits/DateTime.php
@@ -110,14 +110,20 @@ trait DateTime
 
         $financial_start = Date::create($year, $month, $day);
 
-        // Check if FS is in last calendar year
-        if ($now->diffInDays($financial_start, false) > 0) {
+        if (setting('localisation.financial_year_denote') == 'ends' && $financial_start->dayOfYear != 1) {
             $financial_start->subYear();
         }
 
         return $financial_start;
     }
 
+    public function getFinancialYear($year = null)
+    {
+        $start = $this->getFinancialStart($year);
+
+        return CarbonPeriod::create($start, $start->copy()->addYear()->subDay());
+    }
+
     public function getFinancialQuarters($year = null)
     {
         $quarters = [];
diff --git a/config/setting.php b/config/setting.php
index 6e4eb2620..ef2537a45 100644
--- a/config/setting.php
+++ b/config/setting.php
@@ -103,6 +103,7 @@ return [
             'date_separator'            => env('SETTING_FALLBACK_LOCALISATION_DATE_SEPARATOR', 'space'),
             'percent_position'          => env('SETTING_FALLBACK_LOCALISATION_PERCENT_POSITION', 'after'),
             'discount_location'         => env('SETTING_FALLBACK_LOCALISATION_DISCOUNT_LOCATION', 'total'),
+            'financial_year_denote'     => env('SETTING_FALLBACK_LOCALISATION_FINANCIAL_YEAR_DENOTE', 'ends'),
         ],
         'invoice' => [
             'number_prefix'             => env('SETTING_FALLBACK_INVOICE_NUMBER_PREFIX', 'INV-'),
diff --git a/resources/lang/en-GB/settings.php b/resources/lang/en-GB/settings.php
index 36a5920ed..c5bf423e3 100644
--- a/resources/lang/en-GB/settings.php
+++ b/resources/lang/en-GB/settings.php
@@ -36,6 +36,11 @@ return [
             'total'         => 'At total',
             'both'          => 'Both line and total',
         ],
+        'financial_year_denote' => [
+            'title'         => 'Financial Year Denote',
+            'begins'        => 'By the year it begins',
+            'ends'          => 'By the year it ends',
+        ],
     ],
 
     'invoice' => [
diff --git a/resources/lang/tr-TR/settings.php b/resources/lang/tr-TR/settings.php
index 921bf64e5..b2bc9bf44 100644
--- a/resources/lang/tr-TR/settings.php
+++ b/resources/lang/tr-TR/settings.php
@@ -35,6 +35,11 @@ return [
             'total'         => 'Toplamda',
             'both'          => 'Satırda ve toplamda',
         ],
+        'financial_year_denote' => [
+            'title'         => 'Mali Yıl Gösterimi',
+            'begins'        => 'Başlangıç Yılı',
+            'ends'          => 'Bitiş Yılı',
+        ],
     ],
 
     'invoice' => [
diff --git a/resources/views/settings/localisation/edit.blade.php b/resources/views/settings/localisation/edit.blade.php
index 4d825715e..29f588924 100644
--- a/resources/views/settings/localisation/edit.blade.php
+++ b/resources/views/settings/localisation/edit.blade.php
@@ -20,6 +20,8 @@
             <div class="row">
                 {{ Form::dateGroup('financial_start', trans('settings.localisation.financial_start'), 'calendar', ['id' => 'financial_start', 'class' => 'form-control datepicker', 'show-date-format' => 'j F', 'date-format' => 'd-m', 'autocomplete' => 'off'], setting('localisation.financial_start')) }}
 
+                {{ Form::selectGroup('financial_year_denote', trans('settings.localisation.financial_year_denote.title'), 'calendar', $financial_year_denote_options, setting('localisation.financial_year_denote'), []) }}
+
                 {{ Form::selectGroupGroup('timezone', trans('settings.localisation.timezone'), 'globe', $timezones, setting('localisation.timezone'), []) }}
 
                 {{ Form::selectGroup('date_format', trans('settings.localisation.date.format'), 'calendar', $date_formats, setting('localisation.date_format'), ['autocomplete' => 'off']) }}