Fiscal Year field when Setting up posting period

Hi,
Our client has financial year from 1st July - 30 June.  How we normally do is:
for 1/7/2007 - 30/6/2008, Fiscal Year field = 2008 and 1/7/2008 - 30/6/2009, Fiscal Year field = 2009. etc etc.
However, what I notice is:
When creating new period, eg: for 1/7/2008 - 30/6/2009, SAP will default the Fiscal Year = 2008.  So, it really requires our client to be very careful and overwrites the default.
My question is:
(a) Does the field 'Fiscal Year' play any signigicant role in SAP?
(b) What is your normal approach about filling in this 'Fiscal Year' field?
(c) We also notice that when we put in 2008 as the Fiscal Year, when writing report using XL Reporter, we can never reply on the Period code.  We need to refer to the Period name instead.    It is rather confusing for some of our client.
Any thoughts appreciated.

Hi
I'm not sure what impact that it has but I usually change it to be 2008 (Jul 07 to Jun 08) etc.. as this make more sense to our clients.
Also, I change the period names to be more logical as well, like July 2007 rather than 2007/08-1. This means that on reports (like XLReporter) it makes more sense to the non-financial people receiving the reports.
Regards
Jenny

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