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

SAP Error Message - Details

• 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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Smart SAP Assistant

• What is the cause and solution for SAP error message FAA_CMP071 - The opening of a fiscal year is only allowed via balance carryforward ?

  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 balance carryforward, check for any errors or warnings that may have occurred during the process. Address any issues that arise.
  
  
  
  Open the Fiscal Year:
  
  Once the balance carryforward is successfully completed, you can proceed to open the new fiscal year using transaction code OB52 (Open and Close Posting Periods) or through the relevant Asset Accounting transaction.
  
  
  
  Verify Settings:
  
  Ensure that your configuration settings for fiscal year and periods in Asset Accounting are correctly set up. This includes checking the fiscal year variant and ensuring that the periods are defined properly.
  
  
  
  Related Information:
  
  
  Transaction Codes:
  
  AJAB: Balance Carryforward for Asset Accounting
  OB52: Open and Close Posting Periods
  AS01/AS02: Create/Change Asset
  S_ALR_87011963: Asset History Sheet (for reporting)
  
  
  
  Documentation:
  
  Refer to SAP Help documentation for Asset Accounting for detailed steps on balance carryforward and fiscal year opening procedures.
  
  
  
  SAP Notes:
  
  Check for any relevant SAP Notes that may provide additional guidance or fixes related to this error message.
  
  
  
  By following these steps, you should be able to resolve the FAA_CMP071 error and successfully open the fiscal year in SAP Asset Accounting.