Can we use two year budgets simultaneously (2011/2012)

Hi All,

Can we use two year budgets simultaneously (2011/2012)

1) Our environment is budget enable environment
2) Our year end clsoing process take 15 to 20 days of 2012 year
3) till the total process is completed we hold all users to use the system
4) which leads to duplication of efforts for user to enter transactions of 2012 from spread sheet
5) is there any way or work around that we can use 2011 budgets for 2011 transactions and 2012 budgets for 2012 transaction in 2012 year which means both year's funding budget should be available to use seperately
6) Modules involved is Purchasing, Payables,GL

Thanks

Nanda