How To Fix FAA_CMP048 - Posting not possible in company code &1; specify closed fiscal year

SAP Error Message - Details

• Message type: E = Error

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

• Message number: 048

• Message text: Posting not possible in company code &1; specify closed 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 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.

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.

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_CMP048 - Posting not possible in company code &1; specify closed fiscal year ?

  The SAP error message FAA_CMP048 indicates that a posting is not possible in a specific company code because the fiscal year has been closed. This error typically occurs in the context of asset accounting (FI-AA) when trying to post transactions related to fixed assets in a closed fiscal year.
  Cause:
  
  Closed Fiscal Year: The primary cause of this error is that the fiscal year for the specified company code has been closed. In SAP, once a fiscal year is closed, no further postings can be made to that year.
  Configuration Settings: The system settings may not allow postings to closed periods, which is a standard practice to ensure the integrity of financial data.
  Incorrect Posting Date: The posting date of the transaction may fall within a closed fiscal year.
  
  Solution:
  
  
  Open the Fiscal Year: If it is necessary to make a posting in the closed fiscal year, you can open the fiscal year for the specific company code. This can be done by:
  
  Navigating to the transaction code OB52 (Change View "Periods": Overview).
  Adjusting the period settings to allow postings for the required fiscal year.
  Note that this should be done with caution and typically requires authorization.
  
  
  
  Post in the Correct Period: If the posting is not critical for the closed fiscal year, consider posting the transaction in the current or next open fiscal year. Ensure that the posting date is set correctly to fall within an open period.
  
  
  Consult with Finance Team: If you are unsure about the implications of opening a closed fiscal year or if the posting is necessary, consult with your finance or accounting team to ensure compliance with accounting policies.
  
  
  Related Information:
  
  
  Transaction Codes: Familiarize yourself with relevant transaction codes such as:
  
  OB52: To manage posting periods.
  AS01: To create an asset.
  AS02: To change an asset.
  AS03: To display an asset.
  
  
  
  SAP Notes: Check for any relevant SAP Notes that may provide additional guidance or updates related to this error message.
  
  
  Documentation: Review SAP documentation on asset accounting and fiscal year closing procedures to understand the implications of posting in closed periods.
  
  
  User Authorizations: Ensure that you have the necessary authorizations to make changes to fiscal year settings or to post transactions.
  
  
  By following these steps, you should be able to resolve the FAA_CMP048 error and proceed with your asset accounting tasks.