The FOR PreviousPeriod function is similar to FOR Previous functions unless the adaptable functions adapt to the context of the report by hand. Even though the metric is defined as FOR PreviousPeriod(Quarter), for example, the function returns values from the previous month, as month is the most granular date attribute in this report.
SELECT … FOR PreviousPeriod(…,…)
SELECT metric FOR PreviousPeriod(time_attribute)
SELECT Payment FOR PreviousPeriod(Quarter)
SELECT Payment FOR PreviousPeriod(Quarter, 2)
For differences between FOR Previous and FOR PreviousPeriod see Functions For Referring to Past Time Periods