diff --git a/erpnext/accounts/report/balance_sheet/balance_sheet.py b/erpnext/accounts/report/balance_sheet/balance_sheet.py
index 4efd098..23fa762 100644
--- a/erpnext/accounts/report/balance_sheet/balance_sheet.py
+++ b/erpnext/accounts/report/balance_sheet/balance_sheet.py
@@ -8,7 +8,7 @@
 from erpnext.accounts.report.financial_statements import (get_period_list, get_columns, get_data)
 
 def execute(filters=None):
-	period_list = get_period_list(filters.fiscal_year, filters.periodicity)
+	period_list = get_period_list(filters.from_fiscal_year, filters.to_fiscal_year, filters.periodicity)
 
 	asset = get_data(filters.company, "Asset", "Debit", period_list, only_current_fiscal_year=False)
 	liability = get_data(filters.company, "Liability", "Credit", period_list, only_current_fiscal_year=False)
diff --git a/erpnext/accounts/report/cash_flow/cash_flow.js b/erpnext/accounts/report/cash_flow/cash_flow.js
index f5ddd15..455664f 100644
--- a/erpnext/accounts/report/cash_flow/cash_flow.js
+++ b/erpnext/accounts/report/cash_flow/cash_flow.js
@@ -2,7 +2,8 @@
 // For license information, please see license.txt
 
 frappe.require("assets/erpnext/js/financial_statements.js", function() {
-	frappe.query_reports["Cash Flow"] = erpnext.financial_statements;
+	frappe.query_reports["Cash Flow"] = $.extend({},
+		erpnext.financial_statements);
 
 	frappe.query_reports["Cash Flow"]["filters"].push({
 		"fieldname": "accumulated_values",
diff --git a/erpnext/accounts/report/cash_flow/cash_flow.py b/erpnext/accounts/report/cash_flow/cash_flow.py
index 3407526..73b5c4b 100644
--- a/erpnext/accounts/report/cash_flow/cash_flow.py
+++ b/erpnext/accounts/report/cash_flow/cash_flow.py
@@ -9,7 +9,7 @@
 
 
 def execute(filters=None):
-	period_list = get_period_list(filters.fiscal_year, filters.periodicity)
+	period_list = get_period_list(filters.from_fiscal_year, filters.to_fiscal_year, filters.periodicity)
 
 	operation_accounts = {
 		"section_name": "Operations",
diff --git a/erpnext/accounts/report/financial_statements.py b/erpnext/accounts/report/financial_statements.py
index c930952..cfbfc54 100644
--- a/erpnext/accounts/report/financial_statements.py
+++ b/erpnext/accounts/report/financial_statements.py
@@ -3,61 +3,69 @@
 
 from __future__ import unicode_literals
 import frappe
+import math
 from frappe import _
 from frappe.utils import (flt, getdate, get_first_day, get_last_day,
-	add_months, add_days, formatdate)
+	add_months, add_days, formatdate, cint)
 
-def get_period_list(fiscal_year, periodicity):
+def get_period_list(from_fiscal_year, to_fiscal_year, periodicity):
 	"""Get a list of dict {"from_date": from_date, "to_date": to_date, "key": key, "label": label}
 		Periodicity can be (Yearly, Quarterly, Monthly)"""
 
-	fy_start_end_date = frappe.db.get_value("Fiscal Year", fiscal_year, ["year_start_date", "year_end_date"])
-	if not fy_start_end_date:
-		frappe.throw(_("Fiscal Year {0} not found.").format(fiscal_year))
+	from_fy_start_end_date = frappe.db.get_value("Fiscal Year", from_fiscal_year, ["year_start_date", "year_end_date"])
+	to_fy_start_end_date = frappe.db.get_value("Fiscal Year", to_fiscal_year, ["year_start_date", "year_end_date"])
+
+	if not from_fy_start_end_date:
+		frappe.throw(_("Fiscal Year {0} not found.").format(from_fiscal_year))
+	
+	if not to_fy_start_end_date:
+		frappe.throw(_("Fiscal Year {0} not found.").format(to_fiscal_year))
 
 	# start with first day, so as to avoid year to_dates like 2-April if ever they occur]
-	year_start_date = get_first_day(getdate(fy_start_end_date[0]))
-	year_end_date = getdate(fy_start_end_date[1])
+	year_start_date = get_first_day(getdate(from_fy_start_end_date[0]))
+	year_end_date = getdate(to_fy_start_end_date[1])
 	
-	if periodicity == "Yearly":
-		period_list = [frappe._dict({"from_date": year_start_date, "to_date": year_end_date, 
-			"key": fiscal_year, "label": fiscal_year})]
-	else:
-		months_to_add = {
-			"Half-Yearly": 6,
-			"Quarterly": 3,
-			"Monthly": 1
-		}[periodicity]
+	months_to_add = {
+		"Yearly": 12,
+		"Half-Yearly": 6,
+		"Quarterly": 3,
+		"Monthly": 1
+	}[periodicity]
 
-		period_list = []
+	period_list = []
 
-		start_date = year_start_date
-		for i in xrange(12 / months_to_add):
-			period = frappe._dict({
-				"from_date": start_date
-			})
-			to_date = add_months(start_date, months_to_add)
-			start_date = to_date
-			
-			if to_date == get_first_day(to_date):
-				# if to_date is the first day, get the last day of previous month
-				to_date = add_days(to_date, -1)
-			else:
-				# to_date should be the last day of the new to_date's month
-				to_date = get_last_day(to_date)
+	start_date = year_start_date
+	months = flt(get_months(year_start_date, year_end_date))
 
-			if to_date <= year_end_date:
-				# the normal case
-				period.to_date = to_date
-			else:
-				# if a fiscal year ends before a 12 month period
-				period.to_date = year_end_date
-			
-			period_list.append(period)
-			
-			if period.to_date == year_end_date:
-				break
-				
+	for i in xrange(cint(math.ceil(months / flt(months_to_add)))):
+		period = frappe._dict({
+			"from_date": start_date
+		})
+
+		to_date = add_months(start_date, months_to_add)
+		start_date = to_date
+		
+		if to_date == get_first_day(to_date):
+			# if to_date is the first day, get the last day of previous month
+			to_date = add_days(to_date, -1)
+		else:
+			# to_date should be the last day of the new to_date's month
+			to_date = get_last_day(to_date)
+
+		if to_date <= year_end_date:
+			# the normal case
+			period.to_date = to_date
+		else:
+			# if a fiscal year ends before a 12 month period
+			period.to_date = year_end_date
+
+		period.to_date_fiscal_year = get_date_fiscal_year(period.to_date)
+
+		period_list.append(period)
+
+		if period.to_date == year_end_date:
+			break
+
 	# common processing
 	for opts in period_list:
 		key = opts["to_date"].strftime("%b_%Y").lower()
@@ -74,6 +82,10 @@
 		})
 
 	return period_list
+	
+def get_months(start_date, end_date):
+	diff = (12 * end_date.year + end_date.month) - (12 * start_date.year + start_date.month)
+	return diff + 1
 
 def get_label(periodicity, from_date, to_date):
 	if periodicity=="Yearly":
@@ -87,7 +99,8 @@
 	return label
 	
 def get_data(company, root_type, balance_must_be, period_list, 
-		accumulated_values=1, only_current_fiscal_year=True, ignore_closing_entries=False):
+		accumulated_values=1, only_current_fiscal_year=True, ignore_closing_entries=False,
+		ignore_accumulated_values_for_fy=False):
 	accounts = get_accounts(company, root_type)
 	if not accounts:
 		return None
@@ -106,7 +119,7 @@
 			root.lft, root.rgt, 
 			gl_entries_by_account, ignore_closing_entries=ignore_closing_entries)
 
-	calculate_values(accounts_by_name, gl_entries_by_account, period_list, accumulated_values)
+	calculate_values(accounts_by_name, gl_entries_by_account, period_list, accumulated_values, ignore_accumulated_values_for_fy)
 	accumulate_values_into_parents(accounts, accounts_by_name, period_list, accumulated_values)
 	out = prepare_data(accounts, balance_must_be, period_list, company_currency)
 	out = filter_out_zero_value_rows(out, parent_children_map)
@@ -116,18 +129,26 @@
 
 	return out
 
-def calculate_values(accounts_by_name, gl_entries_by_account, period_list, accumulated_values):
+def calculate_values(accounts_by_name, gl_entries_by_account, period_list, accumulated_values, ignore_accumulated_values_for_fy):
 	for entries in gl_entries_by_account.values():
 		for entry in entries:
 			d = accounts_by_name.get(entry.account)
 			for period in period_list:
 				# check if posting date is within the period
+
+				fiscal_year = get_date_fiscal_year(entry.posting_date)
 				if entry.posting_date <= period.to_date:
-					if accumulated_values or entry.posting_date >= period.from_date:
+					if (accumulated_values or entry.posting_date >= period.from_date) and \
+						(fiscal_year == period.to_date_fiscal_year or not ignore_accumulated_values_for_fy):
 						d[period.key] = d.get(period.key, 0.0) + flt(entry.debit) - flt(entry.credit)
-						
+
 			if entry.posting_date < period_list[0].year_start_date:
 				d["opening_balance"] = d.get("opening_balance", 0.0) + flt(entry.debit) - flt(entry.credit)
+				
+def get_date_fiscal_year(date):
+	from erpnext.accounts.utils import get_fiscal_year
+	
+	return get_fiscal_year(date)[0]
 
 def accumulate_values_into_parents(accounts, accounts_by_name, period_list, accumulated_values):
 	"""accumulate children's values in parent accounts"""
diff --git a/erpnext/accounts/report/profit_and_loss_statement/profit_and_loss_statement.py b/erpnext/accounts/report/profit_and_loss_statement/profit_and_loss_statement.py
index 62d6e69..e15336b 100644
--- a/erpnext/accounts/report/profit_and_loss_statement/profit_and_loss_statement.py
+++ b/erpnext/accounts/report/profit_and_loss_statement/profit_and_loss_statement.py
@@ -8,12 +8,12 @@
 from erpnext.accounts.report.financial_statements import (get_period_list, get_columns, get_data)
 
 def execute(filters=None):
-	period_list = get_period_list(filters.fiscal_year, filters.periodicity)
+	period_list = get_period_list(filters.from_fiscal_year, filters.to_fiscal_year, filters.periodicity)
 	
 	income = get_data(filters.company, "Income", "Credit", period_list, 
-		accumulated_values=filters.accumulated_values, ignore_closing_entries=True)
+		accumulated_values=filters.accumulated_values, ignore_closing_entries=True, ignore_accumulated_values_for_fy= True)
 	expense = get_data(filters.company, "Expense", "Debit", period_list, 
-		accumulated_values=filters.accumulated_values, ignore_closing_entries=True)
+		accumulated_values=filters.accumulated_values, ignore_closing_entries=True, ignore_accumulated_values_for_fy= True)
 	
 	net_profit_loss = get_net_profit_loss(income, expense, period_list, filters.company)
 
diff --git a/erpnext/public/js/financial_statements.js b/erpnext/public/js/financial_statements.js
index c1e53a2..bb13f81 100644
--- a/erpnext/public/js/financial_statements.js
+++ b/erpnext/public/js/financial_statements.js
@@ -1,37 +1,7 @@
 frappe.provide("erpnext.financial_statements");
 
 erpnext.financial_statements = {
-	"filters": [
-		{
-			"fieldname":"company",
-			"label": __("Company"),
-			"fieldtype": "Link",
-			"options": "Company",
-			"default": frappe.defaults.get_user_default("Company"),
-			"reqd": 1
-		},
-		{
-			"fieldname":"fiscal_year",
-			"label": __("Fiscal Year"),
-			"fieldtype": "Link",
-			"options": "Fiscal Year",
-			"default": frappe.defaults.get_user_default("fiscal_year"),
-			"reqd": 1
-		},
-		{
-			"fieldname": "periodicity",
-			"label": __("Periodicity"),
-			"fieldtype": "Select",
-			"options": [
-				{ "value": "Monthly", "label": __("Monthly") },
-				{ "value": "Quarterly", "label": __("Quarterly") },
-				{ "value": "Half-Yearly", "label": __("Half-Yearly") },
-				{ "value": "Yearly", "label": __("Yearly") }
-			],
-			"default": "Monthly",
-			"reqd": 1
-		}
-	],
+	"filters": get_filters(),
 	"formatter": function(row, cell, value, columnDef, dataContext, default_formatter) {
 		if (columnDef.df.fieldname=="account") {
 			value = dataContext.account_name;
@@ -71,6 +41,8 @@
 	"initial_depth": 3,
 	onload: function(report) {
 		// dropdown for links to other financial statements
+		erpnext.financial_statements.filters = get_filters()
+
 		report.page.add_inner_button(__("Balance Sheet"), function() {
 			var filters = report.get_values();
 			frappe.set_route('query-report', 'Balance Sheet', {company: filters.company});
@@ -85,3 +57,45 @@
 		}, 'Financial Statements');
 	}
 };
+
+function get_filters(){
+	return [
+		{
+			"fieldname":"company",
+			"label": __("Company"),
+			"fieldtype": "Link",
+			"options": "Company",
+			"default": frappe.defaults.get_user_default("Company"),
+			"reqd": 1
+		},
+		{
+			"fieldname":"from_fiscal_year",
+			"label": __("Fiscal Year"),
+			"fieldtype": "Link",
+			"options": "Fiscal Year",
+			"default": frappe.defaults.get_user_default("fiscal_year"),
+			"reqd": 1
+		},
+		{
+			"fieldname":"to_fiscal_year",
+			"label": __("Fiscal Year"),
+			"fieldtype": "Link",
+			"options": "Fiscal Year",
+			"default": frappe.defaults.get_user_default("fiscal_year"),
+			"reqd": 1
+		},
+		{
+			"fieldname": "periodicity",
+			"label": __("Periodicity"),
+			"fieldtype": "Select",
+			"options": [
+				{ "value": "Monthly", "label": __("Monthly") },
+				{ "value": "Quarterly", "label": __("Quarterly") },
+				{ "value": "Half-Yearly", "label": __("Half-Yearly") },
+				{ "value": "Yearly", "label": __("Yearly") }
+			],
+			"default": "Monthly",
+			"reqd": 1
+		}
+	]
+}