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I am using openerp version7.I am now working on the creation of new fiscal for the year 2014-2015.I already had a fiscal year( jan 2014-dec 2014) configured in the openerp.I was entering my payments and all transaction without knowing this.Now when I want to create a financial year that starts from april 2014-march 2015,I am not able to.On creating periods for the new financial year error occurs saying that the fields are overlapping and I am not able to delete or remove that entry.It seems like if there is any entry on any of the period,it should be cancelled first.But if that entry still have any balance pending,It is unfair to delete this.I really dont know how to resolve this issue?

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It normal you cannot have many fiscal years using the same time period. (jan 2014-dec 2014) contains april 2014-dec 2014. You don't need to define another fiscal year whose contains april 2014-dec 2014 like april 2014-march 2015. You cannot have this in OpenERP.

if you want to reorganise you fiscal years and periods:

 -install account_cancel module and cancel all journal entries (entries will be in draft state after canceling)

 -so you can delete and recreate account period an fiscal year.

NB : Two fiscal years cannot use the same period time.

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Where to find the cancel all journal entries ?