First you create Fiscal Year Variant, Time Stream, Factory Calender and attach them to the Storage Bucket Profile.
Second attach the Storage Bucket Profile in the Planning Area.
When you try to initial the Planning Area/Create Time series, you get error message saying that: it is invalid for periodicity used in your storage bucket profile; or error message that the date you used is not exist in the factory calender.
You did check all the settings, nothing seems wrong. Then you may want to try to run report: /SAPAPO/TS_LCM_CONS_CHECK and /SAPAPO/TS_LCM_REORG. The storage bucket profile might have some surflous problem. These two reports will clear that up. Then your Planning Area initialization will go through.
If you get a message saying that a particular data is invalid, you may want to check your Storage Bucket Profile setting in (trxn:/SAPAPO/TR32), if the date you put in the Horizon are correct, if they are out of the range. Particularly, if you are using Fiscal Year Variant in the Storage Bucket Profile, you need to make sure the horizon in the Storage Bucket Profile should be Less or Equal to the range you define the Fiscal Year Variant.
E.g. if your Fiscal Year Variant(trxn: OB29) is only from January 2007 to December 2008, the maximum horizon you can put in your Storage Bucket Profile is from January 2008 to Nov 2008. Because if you put any date of 2008 in your storage bucket profile, the system will search for all date defined in the Fiscal Year Variant, this will include the first date of 2007, and this first date of 2007 shares the same Period with the last date of 2006 which you have not defined in your FYV. That's why you'll get a error msg.
The same logic for end horizon in the Storage Bucket Profile, the Maximum you can put is Nov 2008, because if you put Dec 2008, the system will look for the date defined in the FYV 2008, the last date of 2008 uses the same Period of first date of 2009 which you haven't defined.