Invalid period number &1 for period key &2 in year &3

What causes this issue?

An error occurred during date calculation for period control.

System Response

The system cannot execute the required date calculation.

How to fix this error?

Specify a valid period.

Procedure for System Administrators

The system issues an error message and will not allow you to continue with this transaction until the error is resolved.

Error message extract from SAP system. Copyright SAP SE.