How to confirm Despatch if the following error ‘Period not open for Purchase’ occurs on confirm button click?

Cause:
System will not allow to confirm despatch if period selected is not open for Sales/Purchase(In case of channel partner). System will show error msg as ‘Period not open for Purchase’ or ‘Invalid Period!’.
Remedies:
User should enable the status for the particular period in period status master.
For Period Status screen: Goto System-> System Setup->Masters-> Period Status.