iProcurement error - While Returning an item - Inventory Accounting Period is not open

Hi there 

we are facing below error message while trying to issue a return for receiving done in 2011. From the error message, it looks like it's due to closed period.

Question : The item was received in Dec-11. Would it try to create transaction in Dec-2011 or would it create trxn in current open period.

Also why are we able to return for other items and only this one errors out in case it's the issue of period not in open status.

Error 

 

 Enter the quantity you want to return before pressing the Next button.

The Inventory Accounting Period in which you are trying to create this receiving transaction is not open for the following item(s). Please contact your administrator.