Unable to cancel GR - Period close

Hi,

My current period in sap now is 2007/08.When doing a GR cancellation, system is not allowing me to post in current period and giving error message as "<b></b>Posting only possible in periods 2007/08 and 2007/07 in company code MM01<b></b>

". can any one help on it. whats going wrong

thanks

Nizamkz

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