How To Fix AC704 - Posting not possible (last closed fiscal year is smaller than posting yr)

SAP Error Message - Details

• Message type: E = Error

• Message class: AC - Error messages from Asset Customizing

• Message number: 704

• Message text: Posting not possible (last closed fiscal year is smaller than posting yr)

Self-Explanatory Message

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Smart SAP Assistant

• What is the cause and solution for SAP error message AC704 - Posting not possible (last closed fiscal year is smaller than posting yr) ?

  The SAP error message AC704 ("Posting not possible (last closed fiscal year is smaller than posting year)") typically occurs when you attempt to post a transaction in a fiscal year that is not open for posting. This error is common in the Asset Accounting (FI-AA) module when the fiscal year you are trying to post to is closed.
  Cause:
  
  Closed Fiscal Year: The fiscal year you are trying to post to has been closed in the system. SAP allows postings only in open fiscal years.
  Posting Year Configuration: The system settings may restrict postings to certain fiscal years based on the configuration of the company code or the asset accounting settings.
  
  Solution:
  To resolve this error, you can take the following steps:
  
  
  Check Fiscal Year Status:
  
  Go to the transaction code OB52 (Change View "Periods": Overview).
  Check the status of the fiscal year you are trying to post to. Ensure that the fiscal year is open for posting.
  
  
  
  Open the Fiscal Year:
  
  If the fiscal year is closed and you need to post to it, you can open it by adjusting the settings in transaction code OB52. 
  You may need to consult with your finance team or system administrator to ensure that opening a closed fiscal year is compliant with your organization's accounting policies.
  
  
  
  Post to the Correct Year:
  
  If the fiscal year you are trying to post to is indeed closed, consider posting to the next open fiscal year instead.
  
  
  
  Check Configuration:
  
  Ensure that the configuration settings for asset accounting allow postings in the desired fiscal year. This may involve checking the settings in the Asset Accounting configuration (transaction code SPRO).
  
  
  
  Consult Documentation:
  
  Review SAP documentation or consult with your SAP support team for any specific configurations or restrictions that may apply to your organization.
  
  
  
  Related Information:
  
  Transaction Codes:
  
  OB52: Change View "Periods": Overview
  SPRO: SAP Reference IMG (Implementation Guide)
  
  
  SAP Notes: Check for any relevant SAP Notes that may provide additional insights or solutions related to this error.
  User Roles: Ensure that you have the necessary authorizations to make changes to fiscal year settings.
  
  By following these steps, you should be able to resolve the AC704 error and successfully post your transactions.