FICO Configuration Series – Part 3
Fiscal year variant
The fiscal year variant determines the posting periods to be used by the client's company. SAP allows a maximum of 16 posting periods each fiscal year - normally 12 regular posting periods and 4 special posting periods are used. The special posting periods are used for posting audit or tax adjustments to a closed fiscal year.
Financial Accounting >> Financial Accounting Global settings >> Fiscal Year >> maintain Fiscal year variant (maintain shortened fiscal year)
Transaction Code: OB29
You can copy existing values or create ones from scratch.
Financial Year Variant: Enter the two-digit alphanumeric identifier of your fiscal year variant. Avoid using K or V as the first character as SAP delivered financial year variants use them.
Calendar Year: Set this indicator if the fiscal year is also the calendar year.
Year-Dependent: Set indicator if fiscal year is changing from year to year.
Number of Posting Periods: Enter the Number of normal posting periods (maximum is 12) [correction based on comment - can be more than 12, thanks to Singh]
Number of Special Periods: Enter the Number of special posting periods
Annual Displacement: Enter values as -1, 0 or +1. For years which have the fiscal year same as the calendar year, always use 0. For -1 and +1 are used to offset whenever calendar year is different from the fiscal year.
Assignment: Saks Apparel operates on an April-March calendar month fiscal year. (So, copy any existing year variant that uses April-March year). Create a Financial year variant SA. We also setup 12 regular posting periods and 4 special posting periods.
Some more details on fiscal year variants configuration