Why do we need to specify opening and closing posting periods in SAP FICO configuration?

 You can open and close these posting periods for posting. As many periods as you require can be open for posting simultaneously.

Usually, only the current posting period is open for posting, all other posting periods are closed. At the end of this posting period, the period is closed, and the next posting period is opened.

Special periods can be open for closing postings during the period-end closing.

open and close posting period in sap are defined as to determine the posting of transaction.

some of the transaction are posted after the end of the fiscal year as due to various reason,to ensure

such transaction are posted we have4 special periods open in next fiscal year to post the last year transactions. T Code: ob

Open and closing periods are concerned with POSTING OF TRANSACTION.

Opening means opening a period for posting.

Closing means closing the period for posting.