How To Fix F4071 - Company code does not have a second local currency

SAP Error Message - Details

• Message type: E = Error

• Message class: F4 - Line items/balances/configuration

• Message number: 071

• Message text: Company code does not have a second local currency

Self-Explanatory Message

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Smart SAP Assistant

• What is the cause and solution for SAP error message F4071 - Company code does not have a second local currency ?

  The SAP error message F4071 indicates that the company code you are working with does not have a second local currency defined. This error typically arises when you attempt to perform a transaction that requires a second local currency, such as certain financial postings or reporting activities.
  Cause:
  
  Missing Configuration: The company code is not configured to use a second local currency. This can happen if the company code was set up without defining a second local currency in the system.
  Transaction Requirements: The transaction you are trying to execute requires a second local currency, but the system does not have it set up for the specified company code.
  
  Solution:
  To resolve the F4071 error, you need to configure the company code to include a second local currency. Here are the steps to do this:
  
  
  Access the Configuration:
  
  Go to the SAP Easy Access screen.
  Navigate to SPRO (SAP Project Reference Object) > SAP Reference IMG.
  
  
  
  Define Company Code Settings:
  
  Follow the path: Financial Accounting (New) > Financial Accounting Global Settings (New) > Currencies > Define Currencies.
  Select the company code for which you want to define the second local currency.
  
  
  
  Add Second Local Currency:
  
  In the currency settings, you can define the second local currency. You will typically need to specify:
  
  The currency type (e.g., 30 for a second local currency).
  The currency code (e.g., EUR, GBP, etc.).
  
  
  Ensure that the currency is active and properly configured.
  
  
  
  Save Changes: After making the necessary changes, save your configuration.
  
  
  Test the Transaction: After configuring the second local currency, try to execute the transaction again to see if the error persists.
  
  
  Related Information:
  
  
  Currency Types: In SAP, currency types are used to differentiate between various currencies used in financial transactions. The most common types are:
  
  00: Document currency
  10: Local currency
  30: Second local currency
  40: Hard currency
  
  
  
  Impact on Reporting: Having a second local currency can be important for reporting purposes, especially for companies operating in multiple countries or dealing with international transactions.
  
  
  Consult Documentation: If you are unsure about the configuration or the implications of adding a second local currency, consult the SAP documentation or reach out to your SAP support team for guidance.
  
  
  By following these steps, you should be able to resolve the F4071 error and successfully perform the required transactions in SAP.