Payables Calendar - change to a different period dates

Hello Team,

We wanted to change the Period Calendar to a different one.  For example:

existing Period Jun-20, from 01-Jun-2020 to 30-Jun-2020,  to be changed it to:  JUn-20, from May 26 to June 25 and so on - 26th (current month) to 25th (next month)

Is this possible? to update the future periods? is there impact to other module? If Yes, what are the required setup to update everything.  If not, what are the reasons/implications?

By tte way, this is  a new business requirement to at least complete each monthly reporting deadline on time, on the last day of the month.