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 … Read More » "Fiscal year variant and its use in SAP"
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 … Read More » "Posting Period Variant Creation, Use and Effect in SAP FI"