How To Fix ACC_AA354 - No standard settings per accounting principle exist for asset class &1

SAP Error Message - Details

• Message type: E = Error

• Message class: ACC_AA - Message Class for Function Group ACC_AA

• Message number: 354

• Message text: No standard settings per accounting principle exist for asset class &1

What causes this issue?

<ZH>No</> standard settings per accounting principle exist for asset
class &V1&.

System Response

Processing is terminated

How to fix this error?

Define the settings for the asset class in Customizing for <LS>Asset
Accounting</> under <DS:SIMG.FAA_ACL_VALV_DC>Specify Valuation Views for
Asset Class</>.

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 ACC_AA354 - No standard settings per accounting principle exist for asset class &1 ?

  The SAP error message ACC_AA354 indicates that there are no standard settings defined for the specified asset class in relation to the accounting principle being used. This typically occurs in the context of Asset Accounting (FI-AA) when trying to post transactions or perform activities related to fixed assets.
  Cause:
  
  Missing Configuration: The asset class specified in the error message does not have the necessary configuration for the accounting principle you are using. This could be due to the asset class not being set up correctly in the system.
  Incorrect Accounting Principle: The accounting principle being used may not be compatible with the asset class, or it may not have been defined for that asset class.
  Transport Issues: If the configuration was recently transported from another system (like a development or quality assurance system), it may not have been transported correctly.
  
  Solution:
  
  
  Check Asset Class Configuration:
  
  Go to the transaction code OAOA (or navigate through the menu: Accounting > Financial Accounting > Asset Accounting > Master Data > Asset Class > Define Asset Class).
  Verify that the asset class in question is correctly configured for the relevant accounting principles.
  
  
  
  Define Standard Settings:
  
  If the asset class is missing standard settings, you may need to define them. This can be done in the configuration settings for Asset Accounting.
  Use transaction code OAYZ to check and maintain the settings for the asset class and accounting principles.
  
  
  
  Review Accounting Principles:
  
  Ensure that the accounting principles are correctly defined and that the asset class is assigned to the appropriate accounting principles.
  You can check this in the configuration under Financial Accounting > Asset Accounting > Integration > Define Accounting Principles.
  
  
  
  Transport Issues:
  
  If the issue arose after a transport, check the transport logs to ensure that all necessary configurations were included and correctly imported.
  
  
  
  Consult Documentation:
  
  Refer to SAP documentation or help resources for specific details on configuring asset classes and accounting principles.
  
  
  
  Related Information:
  
  Transaction Codes:
  
  OAOA: Define Asset Class
  OAYZ: Define Accounting Principles
  OABW: Asset Accounting Customizing
  
  
  SAP Notes: Check for any relevant SAP Notes that might address this specific error or provide additional guidance.
  User Roles: Ensure that you have the necessary authorizations to make changes to asset class configurations.
  
  If the problem persists after checking these areas, it may be beneficial to consult with your SAP support team or a functional consultant specializing in Asset Accounting.