diff --git a/models/doctype/SetupWizard/SetupWizard.js b/models/doctype/SetupWizard/SetupWizard.js
index 1230f870..79c2d3d7 100644
--- a/models/doctype/SetupWizard/SetupWizard.js
+++ b/models/doctype/SetupWizard/SetupWizard.js
@@ -67,8 +67,13 @@ module.exports = {
       fieldtype: 'Date',
       formula: doc => {
         if (!doc.country) return;
+        let today = DateTime.local();
         let fyStart = countryList[doc.country].fiscal_year_start;
-        return DateTime.fromFormat(fyStart, 'MM-dd').toISODate();
+        return DateTime.fromFormat(fyStart, 'MM-dd')
+          .plus({
+            year: [1, 2, 3].includes(today.month) ? -1 : 0
+          })
+          .toISODate();
       },
       required: 1
     },
@@ -80,9 +85,10 @@ module.exports = {
       fieldtype: 'Date',
       formula: doc => {
         if (!doc.country) return;
+        let today = DateTime.local();
         let fyEnd = countryList[doc.country].fiscal_year_end;
         return DateTime.fromFormat(fyEnd, 'MM-dd')
-          .plus({ year: 1 })
+          .plus({ year: [1, 2, 3].includes(today.month) ? 0 : 1 })
           .toISODate();
       },
       required: 1