Posting period &1 &2 not open for variant &4 and ledger &3

What causes this issue?

Period &V1& of fiscal year &V2& has <ZH>not</> been opened for posting
for ledger &V3& and the variant of the posting periods &V4&.

System Response

Termination of processing

How to fix this error?

This error can have various causes. To resolve the error, proceed as
follows:
Check whether the posting date has been entered correctly. The system
uses this date to determine the posting period.
Check whether the required posting period in the corresponding ledger is
open for posting for the variant of the posting periods and the account
type. Ensure that the period is open for posting.
You also have to specify a period interval for the variant of the
posting period and account type in which the desired period is
contained. You may these settings in <LS>Financial Accounting Global
Settings (New)</> under <DS:SIMG.FAGL_V_T001B_COFI_DC>Open and Close
Posting Periods</>.

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.