How To Fix AA370 - You cannot post to this fixed asset; Fiscal year already closed

SAP Error Message - Details

• Message type: E = Error

• Message class: AA - Messages for Asset Accounting

• Message number: 370

• Message text: You cannot post to this fixed asset; Fiscal year already closed

What causes this issue?

Fiscal year &V1& is already closed for depreciation area &V2& in company
code &V3&.

System Response

The system does <ZH>not</> allow the posting.

How to fix this error?

Check whether the business transaction should actually be posted in the
closed fiscal year. If this is the case, open the closed fiscal year (if
possible) and reenter the business transaction.
Alternatively, you can post the business transaction in depreciation
areas with a fiscal year that is still open, although you have to
restrict the posting to the corresponding accounting principles and
depreciation areas.

Procedure for System Administrators

The system issues an error message and will not allow you to continue with this transaction until the error is resolved.

Error message extract from SAP system. Copyright SAP SE.

Smart SAP Assistant

• What is the cause and solution for SAP error message AA370 - You cannot post to this fixed asset; Fiscal year already closed ?

  The SAP error message AA370 indicates that you are trying to post a transaction to a fixed asset in a fiscal year that has already been closed. This is a common issue in asset accounting when attempting to make adjustments or post transactions to assets in a closed fiscal year.
  Cause:
  
  Closed Fiscal Year: The primary cause of this error is that the fiscal year for the asset has been closed in the system. Once a fiscal year is closed, no further postings can be made to that year.
  Incorrect Posting Period: The posting period may not be open for the transaction you are trying to execute.
  Configuration Settings: The system settings may restrict postings to closed fiscal years.
  
  Solution:
  
  Check Fiscal Year Status: Verify if the fiscal year you are trying to post to is indeed closed. You can do this by checking the fiscal year settings in the Asset Accounting module.
  Open the Fiscal Year: If you need to make a posting to a closed fiscal year, you may need to temporarily open that fiscal year. This can be done by:
  
  Navigating to the transaction code OB52 (Open and Close Posting Periods).
  Adjusting the settings to allow postings for the required period.
  Note that this should be done with caution and typically requires authorization.
  
  
  Post in the Current Year: If possible, consider posting the transaction in the current open fiscal year instead of the closed one.
  Consult with Finance Team: If you are unsure about the implications of opening a closed fiscal year, consult with your finance or accounting team to ensure compliance with accounting policies.
  
  Related Information:
  
  Transaction Codes: Familiarize yourself with relevant transaction codes such as:
  
  AS01: Create Asset
  AS02: Change Asset
  AS03: Display Asset
  OB52: Open and Close Posting Periods
  
  
  Documentation: Review SAP documentation or help files related to Asset Accounting for more detailed procedures and implications of posting to closed fiscal years.
  User Authorizations: Ensure that you have the necessary authorizations to make changes to fiscal year settings or to post transactions.
  
  Best Practices:
  
  Always check the fiscal year status before attempting to post transactions.
  Maintain clear communication with your finance team regarding any adjustments to fiscal year postings.
  Document any changes made to fiscal year settings for future reference and compliance.
  
  By following these steps, you should be able to resolve the AA370 error and understand the implications of posting to a closed fiscal year in SAP.