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

SAP Error Message - Details

• 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.

Smart SAP Assistant

• What is the cause and solution for SAP error message 1FA401 - No term object created for account &1 in bank area &2 ?

  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 in the Financial Accounting or Bank Accounting module).
  Verify if the term object for the specified account and bank area exists. If it does not, you will need to create it.
  
  
  
  Create Term Object:
  
  If the term object is missing, create it by following the appropriate steps in the SAP configuration. This typically involves defining the payment terms or related settings for the account in question.
  
  
  
  Review Master Data:
  
  Check the master data for the account and ensure that all necessary fields are filled out correctly. This includes verifying the bank area settings and ensuring that they are correctly linked to the account.
  
  
  
  Consult Documentation:
  
  Refer to SAP documentation or help resources for specific instructions on how to create or configure term objects in your version of SAP.
  
  
  
  Contact SAP Support:
  
  If you are unable to resolve the issue through the above steps, consider reaching out to SAP support or your internal SAP team for further assistance.
  
  
  
  Related Information:
  
  Transaction Codes: You may need to use transaction codes such as OBB2 (for payment terms) or FI12 (for bank master data) to access the relevant configuration settings.
  SAP Notes: Check for any SAP Notes related to this error message, as they may provide additional insights or patches that could resolve the issue.
  User Roles and Authorizations: Ensure that you have the necessary authorizations to make changes to the configuration or master data.
  
  By following these steps, you should be able to identify the cause of the error and implement a solution to resolve it.