How To Fix AA701 - Parameter 'New fiscal year' entered incorrectly

AA701 - Overview

• Message type: E = Error

• Message class: AA - Messages for Asset Accounting

• Message number: 701

• Message text: Parameter 'New fiscal year' entered incorrectly

What causes this issue?

The parameter 'New fiscal year' has been entered incorrectly.
The entry is not numerical.

System Response

The program run will be stopped.

How to fix this error?

Correct your entry.

Error message extract from SAP system. Copyright SAP SE.

AA701 - Details

• The SAP error message AA701, which states "Parameter 'New fiscal year' entered incorrectly," typically occurs in the context of Asset Accounting (FI-AA) when there is an issue with the fiscal year settings for asset transactions. This error can arise during various processes, such as when trying to execute year-end closing activities or when attempting to post transactions in a new fiscal year.
  Causes:
  
  Incorrect Fiscal Year Setting: The fiscal year you are trying to enter may not be defined in the system or may not match the configuration settings.
  Fiscal Year Variant Issues: The fiscal year variant assigned to the company code may not be compatible with the new fiscal year you are trying to enter.
  Period Locking: The new fiscal year may be locked for posting, preventing any transactions from being recorded.
  Configuration Errors: There may be configuration issues in the Asset Accounting settings that need to be addressed.
  
  Solutions:
  
  
  Check Fiscal Year Configuration:
  
  Go to the