Fiscal year variant (FYV) contains the definition of posting periods and special posting periods. When a business transaction is entered, it needs to be posted to a particular period. Determination of such period of posting is defined in FYV. In the process you have to first define a FYV based on your requirements and then assign that FYV to your company code. A fiscal year … [Read more...] about Fiscal year variant and its use in SAP
posting period
Posting Period Variant Creation, Use and Effect in SAP FI
Posting periods are defined in fiscal year variant. You can open and close such periods in a posting period variant. To prevent wrong posting to a particular month you need to periodically close these periods which as per the business process need to be closed in financial accounting. The best business practice is to always open the current posting period and the period prior … [Read more...] about Posting Period Variant Creation, Use and Effect in SAP FI