How To Fix EI506 - Term of payment does not exist

SAP Error Message - Details

• Message type: E = Error

• Message class: EI - Foreign Trade: Gen. Output

• Message number: 506

• Message text: Term of payment does not exist

Self-Explanatory Message

Since SAP believes that this specific error message is 'self-explanatory,' no more information has been given.The majority of messages in the SAP system have a message text, however this is frequently insufficient to comprehend or resolve the problem.

To make things easier, more detailed information is frequently added to describe the issue, how to fix it, and the necessary steps or configuration modifications.

Unfortunately, there isn't any extra information in this error notice.

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Smart SAP Assistant

• What is the cause and solution for SAP error message EI506 - Term of payment does not exist ?

  The SAP error message EI506 "Term of payment does not exist" typically occurs when a transaction is trying to reference a payment term that is not defined in the system. This can happen in various contexts, such as during invoice processing, vendor master data maintenance, or sales order creation.
  Cause:
  
  Missing Payment Term: The specified term of payment is not defined in the system.
  Incorrect Configuration: The payment term may have been deleted or not properly configured in the system.
  Data Entry Error: There may be a typo or incorrect code entered for the term of payment.
  Company Code Issues: The payment term may not be assigned to the specific company code being used in the transaction.
  
  Solution:
  
  
  Check Payment Terms Configuration:
  
  Go to the transaction code OBB8 (for Accounts Payable) or OVK1 (for Sales) to check the configuration of payment terms.
  Ensure that the payment term you are trying to use is listed and correctly configured.
  
  
  
  Create or Modify Payment Terms:
  
  If the payment term does not exist, you can create a new one using the same transaction codes mentioned above.
  Ensure that you assign the payment term to the relevant company codes.
  
  
  
  Verify Data Entry:
  
  Double-check the term of payment entered in the transaction for any typos or incorrect codes.
  Ensure that the correct payment term is being used for the specific transaction type.
  
  
  
  Check Company Code Assignment:
  
  Ensure that the payment term is assigned to the correct company code. You can check this in the vendor or customer master data.
  
  
  
  Consult Documentation:
  
  If you are unsure about the payment terms or their configuration, refer to your organization's SAP documentation or consult with your SAP administrator.
  
  
  
  Related Information:
  
  
  Transaction Codes:
  
  OBB8: Define Terms of Payment (for Accounts Payable)
  OVK1: Define Terms of Payment (for Sales)
  FK01: Create Vendor Master
  FD01: Create Customer Master
  
  
  
  SAP Notes: Check SAP Notes for any known issues or updates related to payment terms.
  
  
  User Roles: Ensure that you have the necessary authorizations to view or modify payment terms in the system.
  
  
  By following these steps, you should be able to resolve the EI506 error and ensure that the term of payment is correctly set up in your SAP system.