AX 2012 solved issue: You must set up periods for the fixed asset calendar ####.

You might experience this issue while you are migrating fixed assets. In general, steps for the migration are the next:

1. Import fixed assets master data
2. Import Acquisition transactions (e.g. through General journal)
3. Import Depreciation transactions (e.g. through General journal)
4. Posting Acquisition transactions
5. Posting Depreciation transaction

At the time of posting you can see an error:

You must set up periods for the fixed asset calendar #####.

Here you can have the several reasons:

1. While you are posting the acquisitions, AX tries to recalculate depreciation remaining periods based on the Depreciation run date (in essence, Acquisition date) and service life. To determine the depreciation remaining periods the system must have fiscal years starting from Depreciation run date till service life. These years + their periods will give the ability to calculate total periods. So in case if you have Depreciation run date 7/09/2006, you should have fiscal years starting from 2006 year. Workaround here is to validate fiscal calendars and create the missed ones if needed.
2. The second cause might be because of decimal service life. I had a case when service life for the fixed asset was 8.83. I rounded service life to the integer value and the error disappeared. Workaround here is to validate Service life values for the fixed assets to see whether decimal service life exists.