Hi
CHeck if the fiscal year variant Z1 is available in the transaction OB29 ?? If not then it has to be maintained in BI. make sure that the variant is available in R/3 and try to transfer the global settings again.
and Pls check in transformation if fiscal year/period from datasource has been mapped to 0FISCYEAR or not . if mapped , that is the culprit . automatic time conversion is not possible in BI 7.0 . remove that mapping and load . else write code to get fiscal year from fiscalyear/period .
http://scn.sap.com/docs/DOC-11267
Hope it will helps
Regards
asuvamsi