each legal entity can have its own fiscal calendar and controls the periods based on that calendar, but as an enterprise system for large companies, some companies report at a group level using a different fiscal period. depending on there the head office is situated and financials reported. for example: a lrage company has its head office in the US and legal entities reporting to it in Europe. in the US they might follow the 5-4-4 calendar and in Europe a normal monthly calendar for their local reporting. but the posting of transactions should be controlled using the US calendar. each legal entity should be able to follow their own local fiscal calendar for reporting but there should be an option to add global fiscal period control from head office, especial for year end processes. so the year end can be processed based on the global fiscal instead of the local fiscal calendar.