Opening periods for new fiscal year

Do we need to create a new posting period variant for a new year in OB52 or we can use the existing PPV in OB52?

I tried copying the existing PPV with account types in OB52 and then tried to change the period;however it did not allow me to do it as the PPV was same.So how should I open the period for new year with same variant? or do I have to define a new variant and assign it to co code.

Pls guide.

Moderator: Please, avoid asking basic questions