Hi Ezra, Thank you for reporting this bug. The periods are setup in a separate table, however as Chris mentions this table is not enabled yet. We are working on fixing this. Once this is available you will need to mark the items with the counting period they belong to and then be able to use the Calculate Counting Period feature.
In the meantime you can use Calculate Inventory to get a suggested Physical Inventory Journal, you will be able to filter items using Show Results: Where: in the request form and then for example filter on Item Category code.