More than 16 periods can only be used in the Extended General Ledger

What causes this issue?

The defined fiscal year variant has &V1& posting periods and &V2&
special periods, i.e. a total of &V3& periods.
The financial accounting transaction figures only allow 16 periods. The
extended General Ledger allows up to 365 periods to be defined.

System Response

The System indicates that you cannot use this fiscal year variant for
the Standard ledger 00, which contains the transaction figures.

How to fix this error?

Error message extract from SAP system. Copyright SAP SE.