2756404 - '31st of december not defined for fiscal year variant ABC control key ZZZ' Error Message Adding Period Control for Fixed Assets

System throws an error message while saving new period controls for fixed assets created via Generate Proposals for Period Control functionality:

'31st of december not defined for fiscal year variant ABC control key ZZZ'

ABC means Fiscal Year Variant.

ZZZ means Period Control Key.

SAP Business ByDesign

Period Control for Fixed Assets; Period Control Key; Posted Until Date; Other Fiscal Year; Fiscal Year , KBA , AP-ACC-FXA , Fixed Asset , How To