CO area & with period version &: No period to be determined

What causes this issue?

Fiscal year variant &V2& is assigned to controlling area &V1&. No
period can be assigned to posting date &V3& for this fiscal year
variant.

System Response

Postings for controlling area &V1& cannot be made if the system cannot
determine a posting period from the posting date.

How to fix this error?

Maintain fiscal year variant &V2& (using, for example, configuration in
FI) so that a period is assigned to posting date &V3&, or assign a
suitable fiscal variant to controlling area &V1&.

Error message extract from SAP system. Copyright SAP SE.