How To Fix 1FA401 - No term object created for account &1 in bank area &2

1FA401 - Overview

• Message type: E = Error

• Message class: 1FA - Betragskündigungen und Freibeträge

• Message number: 401

• Message text: No term object created for account &1 in bank area &2

What causes this issue?

You have created the account with a product that has the <LS>Term
Control</> feature, but you have not created a term object.
Create a term object on the account, or change the product.

Error message extract from SAP system. Copyright SAP SE.

1FA401 - Details

• The SAP error message 1FA401 indicates that there is no term object created for a specific account in a designated bank area. This error typically arises in the context of financial transactions, particularly when dealing with bank accounts and payment processing.
  
  Cause:
  The error can occur due to several reasons:
  
  Missing Term Object: The term object (which could be a payment term or a related configuration) has not been created for the specified account in the specified bank area.
  
  Configuration Issues: There may be a misconfiguration in the bank area settings or the account settings in the SAP system.
  Data Entry Errors: Incorrect data entry when setting up the bank account or payment terms can lead to this error.
  Master Data Issues: The master data for the account or bank area may not be properly maintained.
  
  
  Solution:
  To resolve the error, you can take the following steps:
  
  
  Check Term Object Configuration:
  
  Navigate to the relevant configuration settings in SAP (usually