General Ledger Periods (attached to Set of Books) Purchasing Periods (Operating Unit Specific) Cost Periods ( Inventory Organization Specific) AP Periods AR Periods
You can define your own period types to use in addition to the General Ledger standardperiod types Month Quarter and Year. You use these period types when you define theaccounting calendar for your organization.
We can define any number of period types as required. Basically period type are depending on how many period per year will have. Generally period types will be defined like Days weeks months half month quarter half year etc which are identiable periods in year.