Special posting periods that subdivide the last regular posting period for closing operations. Irrespective of how we have defined our fiscal year, we can also use special periods. Special periods subdivide the year-end closing period. They therefore merely divide the last posting period into several closing periods. This enables us to create several supplementary financial Statements.
A fiscal year usually has 12 posting periods. In General Ledger Accounting, we have defined four special periods so out total accounting periods will be 16 for Greaves Cotton Limited and Premium Energy Transmission Limited.