How to Create a Fiscal Year Variant

Enter the Transaction code SPRO in the SAP Command Field and Press Enter

In the next screen Select SAP reference IMG

In next screen-"Display IMG"  navigate the following menu path :

SAP Customizing Implementation Guide  Financial Accounting -> Financial Accounting Global Settings->Fiscal Years -> Maintain Fiscal Year Variant (Maintain Shortened Fiscal Year )

In the next screen, Select  "New Entries" from the Application Toolbar

In the next screen , Enter the following Data

1. Enter two digit unique fiscal year variant key
2. Enter a Description for Variant created.
3. If Fiscal Year is year dependent , that is if start and end dates for fiscal year changes between year, then select this option, normally it is used for shortened fiscal year.
4. If Fiscal Year is same as calendar year , that is Jan - Dec , then select this option.
5. Enter the number of posting periods for this fiscal year
6. Enter the number of special posting periods for this Fiscal year, that is used for closing activities. 

After entering all required data , Press Save from the standard toolbar

In the next screen, Enter the customizing request number and you have created a new Fiscal year Variant

For Maintaining the period dates , that is if the Fiscal year Variant is not Calendar Year, then  we can maintain the Posting period by

1. Select the Fiscal Year Variant you want to maintain the period
2. Select the Periods folder 

In the next screen , Maintain the periods for the Fiscal year in Ascending order

After maintaining the periods , Press "Save" in SAP Standard Toolbar