How To Fix AA704 - The target fiscal year is not the next fiscal year

AA704 - Overview

• Message type: E = Error

• Message class: AA - Messages for Asset Accounting

• Message number: 704

• Message text: The target fiscal year is not the next fiscal year

What causes this issue?

The specified 'new fiscal year' is <ZH>not</> the year directly
following the current fiscal year.

System Response

Company code will <ZH>not</> be processed.

How to fix this error?

Correct the parameter control 'New fiscal year'.

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.

AA704 - Details

• The SAP error message AA704, "The target fiscal year is not the next fiscal year," typically occurs in the context of asset accounting when you are trying to perform a transaction that involves asset depreciation or adjustments for a fiscal year that is not the immediate next fiscal year.
  
  Cause:
  This error usually arises due to one of the following reasons:
  
  Fiscal Year Settings: The system is configured to only allow certain transactions in the next fiscal year. If you are trying to post or adjust an asset in a fiscal year that is not the next one, the system will throw this error.
  Period Closing: The fiscal year you are trying to access may be closed or not yet open for posting.
  Transaction Type: The type of transaction you are attempting may have restrictions on the fiscal years it can affect.
  
  
  Solution:
  To resolve the AA704 error, you can take the following steps:
  
  
  Check Fiscal Year Settings:
  
  Ensure