There are at least 40 search hits on this blog for this error:

“Please define all periods in which revenue is to be recognized or credited. Note that revenue cannot be recognized or credited in closed and close pending periods.”

Just thought throw some light on why this error occurs. This error is defined in Receivables (AR) and here is the background.

We all know about accounting rules accounting rule duration in AR. Accounting rule tells the system how to recognize the revenue (Variable vs. Fixed) and whether it is deferred or not. On the other hand accounting rule duration (in fixed case we define this in Rule and in case of variable we enter this in transaction) decides how many periods into the future the revenue recognition should happen starting from the rule start date (which usually is transaction date).

The key word here is “future”. For example, if you enter 36 as duration (either fixed or variable), Revenue Recognition process tries to create that many distributions with “future” GL date (36 periods, assuming that the accounting rule is not defined as Deferred). But what if that many number of periods are not even defined in the accounting calendar associated with Ledger or Set of Books? That is where this error comes up.

When you get this error, this simply means that all the periods (number of periods in duration) from the accounting rule start date should be defined in accounting calendar (not required to open or future status). Just define that many number of periods in calendar and this error goes away.