One of our users let me know that this formula only works correctly when January is set as the fiscal year start month. If you have a start month other than January you'll need to use this formula (which is written to work for a July start month):
CUMULATE('VALUE2') - OFFSET(CUMULATE('VALUE2'), IF MONTH(START()) > 6 THEN -MONTH(START()) + 6 ELSE -MONTH(START()) - 6, 0)
If you have a start month other than July, replace the 3 "6's" in the formula with the number below corresponding to your start month:
January - use the CUMULATE('VALUE2') - OFFSET(CUMULATE('VALUE2'), -MONTH(START()), 0) formula
February - 1
March - 2
April - 3
May - 4
June - 5
July - 6
August - 7
Sept - 8
Oct - 9
Nov - 10
Dec - 11