No.. You should not open the month July in advance.. It will harm your organization badly.
As now you can post any document in month May. But if you open period July, then you will never able to enter any document for month May.
And if a period is closed from MMPV, the its very difficult to re-open old period. You may have to contact SAP to re-open period.
So drop the idea to open the period July in advance..
Do you have stock for your material ?
Go to MM02, Tick the batch management for material, you will get the all details in Display Error.