Date-in-service not populating properly during asset creation as per setup

Hi,

We are facing below problem while creating asset. Fiscal year is from July-June. Current period: Jan.,2013.i.e., 07-2013. Fiscal Year: 2013.

When we create a new asset system defaults date-in-service as 01-24-2013 .i.e., 24th July,2013. Prorate Date as 01-01-2013 .i.e., 1st July,2013.

When we change date-in-service to current date .e.g., 07-24-2013 (24th Jan.,2013), system displays an error "Date-in-service should be on or before the current open period".

Any suggestions to fix the problem?

Thanks in Advance