Hi Prateek,
I am not sure whether my suggestion can help you or not. But give it a try.
I think you need to maintain current period and year against your company code in OMSY transaction code
and also make sure that following entries are done.
Finance / Company come / Global Parameters
Chart of Accounts
Fiscal Year variant
Assign Fiscal year to company code
Enterprise structure / assign / Controlling area
assign co.code to controlling area
first set fiscal year and chart of accounts and then come to controlling area
Regards,
Amit