You have a requirement to create a report for a comparative or variance reporting.  To put it simply you need to create a report that allows a user to dynamically select the Version and show values in that version for the current and the previous dates for a side by side comparison. You can create the story showing the values showing side by side for “Previous Year” or “Previous Period” but they different meaning and behave differently.

SAP Analytics Cloud

Let’s use an example when we want to see the values in the story for a dynamically selected Date (filter value) and version “Budget” comparing the values to version “Actual” and previous period from the current selected date.

Create two cross calculation for the Date in the columns

1. 1. Base Version: In the base version we need only one dimension selected with the value of Budget
   2. Comp Version: We need to define:
      1. Version: Actual
      2. Date: we can select either
         1.  “Previous Period.  (figure b.ii.1)
         2. “Previous Year” (figure b.ii.2)

Figure b.ii.1

Figure b.ii.2

Previous period works by going back one period, relative to the current period.  Therefore, for each filter value of date, previous period subtracts one relative to it such that:

• If current Date is expressed in year, e.g. 2024, previous period will go 2023. 
• If current Date is expressed in quarter, e.g. Q2 previous period will go back to Q1 and so on.  This is working correctly in our tests.

Previous year works by going back to 12 months.  It always goes back 12 months.  Therefore, it works correctly relative to year only.

This information about Previous Year is as of the publication date of this KBA, the behavior may change.

Depending on what you need to compare, select the correct option.

Creating Dynamic Version over Version with System Date Dynamic Time Reporting with SAP Analytics Cloud (With Time Drill Capability) | SAP Blogs

Create Calculated Dimensions for Tables | SAP Help Portal

Dynamic Version over Version with System Date Dynamic Time Reporting with SAP Analytics Cloud (With Time Drill Capability)