SYST: Error when calculating first day in fiscal period --> F1

What causes this issue?

An error occurred when calculating the first day of the fiscal period
&V2& &V1& in period version &V3&.

System Response

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

How to fix this error?

Three things could lead to this error:
The period version &V2& allocated to the company code has not been
created. In this case, you should create the period version.
The period version has been created, however the allocation of calendar
dates to the fiscal periods has not been correctly performed, or in
particular in calendar-dependent period versions has not been
completely performed. The first day of a fiscal period is determined
from the last day of the previous fiscal period. Therefore, with
calendar-dependent period versions, to determine the first day of
fiscal period 1 the last fiscal period in the previous fiscal year has
to be maintained.
Fiscal period &V2& &V1& is invalid. This is a system error. Please
contact your Systems Specialist.

Error message extract from SAP system. Copyright SAP SE.