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

SAP Error Message - Details

• 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

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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 Year Variant:
  
  Go to the configuration settings in SAP (Transaction code: SPRO).
  Navigate to Financial Accounting (New) > Financial Accounting Global Settings (New) > Fiscal Year > Maintain Fiscal Year Variant.
  Ensure that the fiscal year variant is correctly defined and assigned to the ledger in question.
  
  
  
  Activate Ledger for Current Year:
  
  Ensure that the ledger is activated for the current fiscal year. This can be done in the Asset Accounting settings.
  Check if the ledger is assigned to the correct company code and that the fiscal year is open for posting.
  
  
  
  Open Posting Periods:
  
  Check the posting periods for the current fiscal year (Transaction code: OB52).
  Ensure that the periods are open for posting and that there are no restrictions preventing postings.
  
  
  
  Review Configuration:
  
  Review the configuration for Asset Accounting to ensure that all necessary settings are in place for the ledger and fiscal year.
  
  
  
  Consult Documentation:
  
  If the issue persists, consult SAP documentation or reach out to your SAP support team for further assistance.
  
  
  
  Related Information:
  
  
  Transaction Codes: 
  
  SPRO (to access configuration settings)
  OB52 (to check and maintain posting periods)
  OAYZ (to check and maintain asset accounting settings)
  
  
  
  SAP Notes: Check for any relevant SAP Notes that may address this specific error or provide additional troubleshooting steps.
  
  
  User Authorization: Ensure that you have the necessary authorizations to make changes to the configuration settings.
  
  
  By following these steps, you should be able to resolve the FAA_CMP055 error and ensure that the fiscal year settings for the ledger are correctly configured.