How To Fix AC593 - You cannot reset the closed fiscal year

SAP Error Message - Details

• Message type: E = Error

• Message class: AC - Error messages from Asset Customizing

• Message number: 593

• Message text: You cannot reset the closed fiscal year

What causes this issue?

You cannot reset the closed fiscal year for company code &V1& and
depreciation area &V2&, since the depreciation area has already been
converted to a different currency.

System Response

Error message

How to fix this error?

Correct your entry.

Error message extract from SAP system. Copyright SAP SE.

Smart SAP Assistant

• What is the cause and solution for SAP error message AC593 - You cannot reset the closed fiscal year ?

  The SAP error message AC593, "You cannot reset the closed fiscal year," typically occurs when you attempt to make changes or reset settings in a fiscal year that has already been closed in the system. This is a common issue in financial accounting and asset accounting modules within SAP.
  Cause:
  
  Closed Fiscal Year: The primary reason for this error is that the fiscal year you are trying to reset or modify has been closed. Once a fiscal year is closed, it is generally locked to prevent any changes that could affect financial reporting and integrity.
  Configuration Settings: The system settings may not allow for the reopening or resetting of closed fiscal years due to compliance or internal control policies.
  Posting Periods: The posting periods for the closed fiscal year may have been set to "no posting allowed," which prevents any changes.
  
  Solution:
  
  Check Fiscal Year Status: Verify the status of the fiscal year in question. If it is indeed closed, you will need to determine if it can be reopened based on your organization's policies.
  Reopen Fiscal Year: If your organization allows it, you may need to reopen the fiscal year. This can typically be done through the following steps:
  
  Go to the transaction code OB52 (Change View "Posting Periods": Overview).
  Adjust the settings to allow postings in the closed fiscal year.
  Note that this action may require appropriate authorizations and should be done with caution.
  
  
  Consult with Finance Team: If you are unsure about the implications of reopening a closed fiscal year, consult with your finance or accounting team to ensure compliance with internal policies and regulations.
  Use Transaction Codes: If you need to make adjustments to asset accounting, you may need to use transaction codes like AS02 (Change Asset) or AS03 (Display Asset) to check the asset status and make necessary changes.
  
  Related Information:
  
  SAP Notes: Check SAP Notes for any specific guidance or updates related to this error message. SAP frequently updates its documentation and may provide specific solutions or patches.
  User Authorizations: Ensure that you have the necessary authorizations to make changes to fiscal years and asset accounting.
  Documentation: Review your organization's documentation on fiscal year-end processes to understand the implications of reopening a closed fiscal year.
  
  Important Considerations:
  
  Reopening a closed fiscal year can have significant implications for financial reporting and compliance, so it should be approached with caution.
  Always back up relevant data and ensure that all stakeholders are informed before making changes to closed periods.
  
  If you continue to face issues or if the situation is complex, consider reaching out to your SAP support team or a consultant for further assistance.