Financials - Fiscal year Change

I am first time user of JDE 8.12 . Our fiscal year is 07 and period fixed is 14, As my audit is not complete i may require period to be extended. is it necessary for me to change the period in company set up?? Can I enter data for next financial year ie 08 in the 07 fiscal year till the audit is complete?? I am confused can anybody clarify

sriviruth,
You probably should be asking this question in the E1 Applications forum. It sounds as if you are in dire need of training.
As long as the GL year is still set in fiscal year 07, you can continue to enter journal entries hitting the 07 fiscal year. Just be sure the GL date of the journal entry is using the 14th period GL dates whatever they are setup for. If you still do not understand how this works then I suggest speak to the Oracle helpdesk. Warning, they may state that you should go for training.