Not possible to determine previous period

What causes this issue?

The system could not determine a previous period for the current period
of the company code you have entered.

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?

You maintain previous periods in "Financial Accounting" Customizing.
<DS:SIMG.SIMG_CFMENUORFBOB29>Proceed</>.
If you do not have the authorization to do so, contact your systems
administrator.

Error message extract from SAP system. Copyright SAP SE.