Answer / sridhar

We can have atmost 366 periods(if day is period) and 4
special periods only. Special periods are useful for the
adjustment postings during year end activities.

Answer / manghai

Normal Period-Say your company follows Apr to March. So when u enter the invoice during Apr,it ll show period 1,May 2,June 3 & for Mar it ll show 12.And Special periods are for special purposes like adjustment postings.

Answer / shwetafico

1 month is treated as 1 Posting Period and so we have 12 Posting Periods i.,e, Normal periods, There are 4 other Posting Periods in SAP system i.,e, Special periods...Special Periods are used for the situation where you have some transactions to be posted even after all the 12 posting periods are closed. SAP system does not allow you to open the posting periods ( 1 - 12 )once 12th posting period is closed. So, special periods are required if there are any pending transactions even after 12th posting period. 
1st Special Period is treated as 13th Posting Period
2nd Special Period = 14th Posting Period
3rd S P            = 15th P P
4th S P            = 16th P P.....
1st SP is used by the employees / end users for pending transactions.
2nd SP is used by Auditors
3rd SP is used for pending invoices after Auditing that is by Directors
4th SP is used Judicial transactions / Pending Disputes that is Legal Transactions (like ESI, PF, etc).

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