The following transaction date does not exist in the assigned period for the fiscal calendar date to process the transaction you must change the date in AX 2012

The following transaction date does not exist in the assigned period for the fiscal calendar: 4/1/2017. to process the transaction, you must change the date. in AX 2012

Issue:

Budgeting parameter was not fully configured.

Solution:

1)      Go to Budgeting >> Budget Control >> Budget control configuration

2)      Below mentioned Areas need to set the Fiscal calendar, Budget cycle time span and Budget Cycles 

3)      Once updated at the last option you see Activate budget control is Activate that button. Then if you want to show the Budget in all modules Turn on that next button of Activate shown in the next image.

4)      Then make sure Fiscal period status should be Open, other that Open you are not allowed to post the entries. Even Onhold status will not help on this. So the status as Open before you are going to update the Budget.

5)      Now go to the Budget and click the Update the Budget button

 now the entry will update without any error.
To open the Fiscal period use below link
http://www.axdynamicsworld.com/2015/02/error-fiscal-period-is-not-open-in-ax.html