Date Based Number Sequence
1. The number sequence will have an additional field called date range. There may be a drop down of fiscal year also made available in number sequence form.
2. The number sequence will be active only for the date range or for the fiscal period as may be applicable.
For example -
i) Number Sequence ###-2019-20 with date range 1st April 2019 to 31st Mar 2020
ii) Number Sequence ###-2020-21 with date range 1st April 2020 to 31st Mar 2021
3. Depending on the posting date of the transaction the system will pick up the concerned number sequence.
Scenario -
i) Fiscal year is April to March. As on date 15th April 2020, an invoice is posted with posting date as 30th March 2020. The system will pick up number sequence ###-2019-20
ii) Fiscal year is April to March. As on date 15th April 2020, an invoice is posted with posting date as 14th April 2020. The system will pick up number sequence ###-2020-21

This has lot of benefits and puts the control in hand of the business rather than the system. A lot of transactions are identified by the number sequence easily and very fast. This is particularly helpful for identifying invoices related to taxes or as per local legal requirement. For region like India it is more of a necessity rather then luxury. It saves lot of time and reconciliation efforts specially in case of local tax authorities' audits and questions.