How To Fix FAA_CMP055 - Current fiscal year of ledger &1 is initial

FAA_CMP055 - Overview

• Message type: E = Error

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

• Message number: 055

• Message text: Current fiscal year of ledger &1 is initial

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.

What else can you do?

First, use our AnswerBot below to get a possible cause and solution (requires a premium subscription).

Also, review the in-depth Common Questions & Answers listed below; you could discover a solution there or be able to connect with others who have faced similar challenges.

You can also try searching the SAP support portal (support.sap.com) but you need a special user ID to access it. It is possible that an SAP support note exists that provides additional details about the mistake or even steps for fixing it.

Smart SAP Assistant

• What is the cause and solution for SAP error message FAA_CMP055 - Current fiscal year of ledger &1 is initial ?

  The SAP error message FAA_CMP055, which states "Current fiscal year of ledger &1 is initial," typically occurs in the context of Asset Accounting (FI-AA) when there is an issue with the fiscal year settings for a specific ledger. Here’s a breakdown of the cause, potential solutions, and related information:
  
  Cause:
  
  
  Initial Fiscal Year Setting: The error indicates that the current fiscal year for the specified ledger (denoted as &1) has not been defined or initialized in the system. This can happen if the fiscal year variant is not properly configured or if the ledger has not been activated for the current fiscal year.
  
  
  Missing Configuration: The fiscal year variant may not be assigned to the ledger, or the ledger may not have been set up correctly in the Asset Accounting configuration.
  
  
  Period Locking: If the periods for the current fiscal year are locked or not open for posting, this error may also occur.
  
  
  
  Solution:
  
  
  Check Fiscal