Not possible to determine last period of previous year

What causes this issue?

For the current period of the company code you have entered, the system
could not determine the last period of the previous year.

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.