How To Fix CMS_INS007 - Enter the currency for the insurance premium for collateral object

SAP Error Message - Details

• Message type: E = Error

• Message class: CMS_INS - Messages for Insurance

• Message number: 007

• Message text: Enter the currency for the insurance premium for collateral object

What causes this issue?

The system issues an error message and will not allow you to continue with this transaction until the error is resolved.

System Response

How to fix this error?

Enter the currency for the insurance premium for collateral object &V1&
&V2&.

Procedure for System Administrators

Error message extract from SAP system. Copyright SAP SE.

Smart SAP Assistant

• What is the cause and solution for SAP error message CMS_INS007 - Enter the currency for the insurance premium for collateral object ?

  The SAP error message CMS_INS007, which states "Enter the currency for the insurance premium for collateral object," typically occurs in the context of managing collateral in the SAP system, particularly when dealing with insurance premiums associated with collateral objects.
  Cause:
  This error usually arises when the system expects a currency code to be specified for the insurance premium related to a collateral object, but it has not been provided. This can happen due to:
  
  Missing Data: The currency field for the insurance premium is left blank or not filled in during the transaction.
  Configuration Issues: There may be issues with the configuration of the collateral management module, where the system is not set up to handle insurance premiums correctly.
  User Input Error: The user may have overlooked entering the required currency information.
  
  Solution:
  To resolve the CMS_INS007 error, you can take the following steps:
  
  
  Check Input Fields: Ensure that you have filled in all required fields, particularly the currency field for the insurance premium. Look for a field labeled "Currency" or similar in the relevant transaction screen.
  
  
  Review Collateral Object Details: Navigate to the collateral object in question and verify that all necessary information, including the insurance premium currency, is correctly entered.
  
  
  Configuration Review: If you have the necessary permissions, check the configuration settings for collateral management in SAP. Ensure that the system is set up to handle insurance premiums and that all relevant fields are correctly defined.
  
  
  Consult Documentation: Refer to SAP documentation or help files related to collateral management and insurance premiums for additional guidance on required fields and configurations.
  
  
  Contact Support: If the issue persists after checking the above points, consider reaching out to your SAP support team or consulting with an SAP expert who can provide more specific assistance based on your system's configuration.
  
  
  Related Information:
  
  SAP Notes: Check for any relevant SAP Notes that might address this specific error or provide additional context on handling insurance premiums in collateral management.
  Transaction Codes: Familiarize yourself with transaction codes related to collateral management (e.g., CMS1, CMS2) to navigate the system effectively.
  User Training: Ensure that users involved in collateral management are adequately trained on the system's requirements and data entry processes to minimize errors.
  
  By following these steps, you should be able to resolve the CMS_INS007 error and ensure that the necessary currency information for the insurance premium is correctly entered in the system.