How To Fix FAA_CMP071 - The opening of a fiscal year is only allowed via balance carryforward

FAA_CMP071 - Overview

• Message type: E = Error

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

• Message number: 071

• Message text: The opening of a fiscal year is only allowed via balance carryforward

Self-Explanatory Message

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FAA_CMP071 - Details

• The SAP error message FAA_CMP071 indicates that the system is preventing the opening of a fiscal year for Asset Accounting (FI-AA) because it requires a balance carryforward to be performed first. This is a common scenario in SAP when dealing with fixed assets and fiscal year-end processes.
  
  Cause:
  The error occurs when you attempt to open a new fiscal year in Asset Accounting without having completed the necessary balance carryforward process from the previous fiscal year. The balance carryforward is essential as it ensures that all asset values, depreciation, and other relevant financial data are correctly transferred to the new fiscal year.
  
  Solution:
  To resolve this error, you need to perform the following steps:
  
  
  Complete Balance Carryforward:
  
  Navigate to the transaction code AJAB (Balance Carryforward for Asset Accounting).
  Execute the balance carryforward process for the previous fiscal year. This will ensure that all asset balances are carried forward to the new fiscal year.
  
  
  
  Check for Errors:
  
  After running the