Error: SAP Message no. M7053

Posting only possible in periods 2002/11 and 2002/10 in company code XXXX

Diagnosis
The posting date entered is not within one of the permitted posting periods (current period/previous period).

This can be due to one of two reasons:

The correct current period has not been set in the system.
For the system, the first of the entered periods is the current period. At the beginning of a new period, your systems administrator must change the current period in the material master record, using the function "Shift periods". This has not yet been done.
You have entered a wrong date in the field "Posting date".
Procedure
Check the posting date and correct it if necessary. If your input is correct, inform your systems administrator that the "period shifting" (period-end closing) process has not yet been completed. Copied from M8022

Solution:

First check the Current period in OMSY trx...for your Comp code..
Then go to MMPV and enter Comp code, Period & Year
and execute...

Ex: if the current period in OMSY for your Comp code is 01,2008
then you need to enter period 02, 2008 in MMPV trx...
so, that period 01 will be closed & Period 02 will be opened automatically...
You need to close periods one by one like this..
until the period you want to use...

Remember you can not Roll back the closed period
Be careful in closing the MM period in PRD client.