Dear Sahayaraj
SAP does allow you to configure your Fiscal Year Variant as per your requirement. But in the standard ledger 00 that stores the transaction data, only 16 periods are allowed (12+4). Please see below;
You can try setting your different extended ledger and configure the required number of posting periods.
Suggestion: Companies may ask for n number of posting periods. As a consultant, you need to suggest the pros and cons of using more than 4 Sp periods. Globally almost 99% of the companies are working this way only. The more periods you create the more complexity you face in case on month end and year end closing activity. Hence be careful.
Hope it answers your query.
Regards
Syed Zia Abbas