How To Fix FAA_CMP056 - Ledger &2, depreciation area &1: Closed fiscal year is initial

SAP Error Message - Details

• Message type: E = Error

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

• Message number: 056

• Message text: Ledger &2, depreciation area &1: Closed fiscal year is initial

Self-Explanatory Message

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Smart SAP Assistant

• What is the cause and solution for SAP error message FAA_CMP056 - Ledger &2, depreciation area &1: Closed fiscal year is initial ?

  The SAP error message FAA_CMP056 indicates that there is an issue with the depreciation area in the Asset Accounting module. Specifically, it means that the fiscal year for the specified ledger and depreciation area is closed, and the system is unable to process transactions for that period because it is considered "initial" or not open for posting.
  Cause:
  
  Closed Fiscal Year: The fiscal year for the specified ledger and depreciation area has been closed, meaning that no further postings can be made for that year.
  Incorrect Configuration: The configuration for the depreciation area may not be set up correctly, leading to the system not recognizing the fiscal year as open.
  Posting Date: The posting date of the transaction may fall within a closed fiscal year.
  
  Solution:
  
  
  Open the Fiscal Year: If you need to post transactions for the closed fiscal year, you can open the fiscal year in the configuration settings. This is typically done in the Asset Accounting settings under the "Fiscal Year Change" transaction.
  
  Navigate to Transaction OAVB (for opening fiscal years) and ensure that the fiscal year is open for the relevant ledger and depreciation area.
  
  
  
  Check Posting Date: Ensure that the posting date of the transaction is within an open fiscal year. If the date is incorrect, adjust it to fall within an open period.
  
  
  Review Configuration: Check the configuration of the depreciation area to ensure it is set up correctly. This includes verifying that the correct fiscal year variant is assigned and that the depreciation area is active.
  
  
  Consult with Finance Team: If you are unsure about opening a closed fiscal year or making changes to the configuration, consult with your finance team or SAP consultant to ensure compliance with accounting standards and practices.
  
  
  Related Information:
  
  Transaction Codes: Familiarize yourself with relevant transaction codes such as OAVB (for fiscal year change), OAYZ (for depreciation area settings), and OABT (for asset master data).
  SAP Notes: Check SAP Notes for any specific patches or updates related to this error message.
  Documentation: Review SAP documentation on Asset Accounting for detailed information on fiscal year management and depreciation area settings.
  
  By following these steps, you should be able to resolve the FAA_CMP056 error and proceed with your asset accounting transactions.