How To Fix FAA_CMP047 - Posting not possible in company code &1; specify open fiscal year

SAP Error Message - Details

• Message type: E = Error

• Message class: FAA_CMP - Asset Accounting: Configuration Object Company Code

• Message number: 047

• Message text: Posting not possible in company code &1; specify open fiscal year

What causes this issue?

For company code &V1& in Asset Accounting, the open fiscal year has
<ZH>not</> yet been specified.
This error typically occurs when setting up a new company code.

System Response

Posting is <ZH>not</> possible.

How to fix this error?

Check and correct the settings for the company code (with the
<LS>Company Code Settings</> app).
There are two options available to specify the fiscal year in Asset
Accounting:
If you want to perform a legacy data transfer and a legacy data transfer
segment is not yet specified, create a new legacy data transfer segment
and specify a transfer date. Background: When this first legacy data
transfer segment is created, the system implicitly derives the current
fiscal year and the last closed fiscal year from the legacy data
transfer date field (if these fields have <ZH>not</> yet been filled).
&EXAMPLE&:
You create a new legacy data transfer segment and specify the legacy
transfer date on the last day of fiscal year 2020 which is December 31,
2020.
=> The derived closed fiscal year is 2020.
=> The derived open fiscal year is 2021.
If you do <ZH>not</> want to perform a legacy data transfer or a legacy
data transfer segment already exists, you have to specify the fiscal
year manually. Therefore, you have to specify the current fiscal year on
ledger level for every ledger of the company code. This is only
possible, if the current fiscal year is <ZH>not</> yet specified or if
no postings exist in the company code. After you specified the current
fiscal year, the system will set the closed fiscal year accordingly. If
you want to change the closed fiscal year, please use the existing
functionality to close or reopen a fiscal year.

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

Procedure for System Administrators

How can this happen?

Error message extract from SAP system. Copyright SAP SE.

Smart SAP Assistant

• What is the cause and solution for SAP error message FAA_CMP047 - Posting not possible in company code &1; specify open fiscal year ?

  The SAP error message FAA_CMP047 indicates that a posting cannot be made in a specific company code because the fiscal year is not open. This error typically occurs in the context of Asset Accounting (FI-AA) when trying to post transactions related to fixed assets.
  Cause:
  The error arises when:
  
  The fiscal year for the specified company code is closed, meaning that no further postings can be made for that year.
  The system requires that the fiscal year be open for the transaction you are trying to execute (e.g., acquisition, transfer, or retirement of assets).
  
  Solution:
  To resolve this error, you can take the following steps:
  
  
  Check Fiscal Year Status:
  
  Go to the transaction code OB52 (Change View "Open and Close Posting Periods").
  Verify if the fiscal year in question is open for the relevant company code. If it is closed, you will need to open it.
  
  
  
  Open the Fiscal Year:
  
  If you have the necessary authorization, you can open the fiscal year by adjusting the posting periods in the OB52 transaction.
  Ensure that the posting period for the asset transactions is set to allow postings.
  
  
  
  Consult with Finance Team:
  
  If you do not have the authorization to change the posting periods, consult with your finance or controlling team. They can provide guidance on whether it is appropriate to open the fiscal year or if there are alternative solutions.
  
  
  
  Check Configuration:
  
  Ensure that the configuration settings for the fiscal year and posting periods are correctly set up in the system. This includes checking the settings in the Asset Accounting configuration.
  
  
  
  Review Transaction Type:
  
  Make sure that the transaction type you are trying to post is valid for the current period and that it aligns with the company's accounting policies.
  
  
  
  Related Information:
  
  
  Transaction Codes:
  
  OB52: Change View "Open and Close Posting Periods"
  AS01: Create Asset
  AS02: Change Asset
  AS03: Display Asset
  
  
  
  Documentation:
  
  Review SAP documentation related to Asset Accounting and fiscal year-end closing procedures for more detailed guidance.
  
  
  
  User Authorizations:
  
  Ensure that you have the necessary authorizations to perform the required actions in the system.
  
  
  
  By following these steps, you should be able to resolve the FAA_CMP047 error and successfully post your transactions in the desired company code.