How To Fix FAA_CMP078 - Only one open FY is allowed if legacy data transfer is at end of year

SAP Error Message - Details

• Message type: E = Error

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

• Message number: 078

• Message text: Only one open FY is allowed if legacy data transfer is at end of year

What causes this issue?

You have set up a legacy data transfer segment with a transfer date in
the previous fiscal year (&v1&-1).
The status for this legacy data transfer segment is <ZH>not</> yet set
to <LS>Completed</>.

System Response

You are allowed to make legacy data transfer postings in fiscal year
&v1&-1.
Apart from year &v1&-1, only the fiscal year &v1& is allowed to be open.
You are <ZH>not</> allowed to open fiscal year &v1&+1.

How to fix this error?

Before you can open fiscal year &v1&+1, you first have to set the status
for the legacy data transfer segment to <LS>Completed</>.

Procedure for System Administrators

The system issues an error message and will not allow you to continue with this transaction until the error is resolved.

Error message extract from SAP system. Copyright SAP SE.

Smart SAP Assistant

• What is the cause and solution for SAP error message FAA_CMP078 - Only one open FY is allowed if legacy data transfer is at end of year ?

  The SAP error message FAA_CMP078 indicates that there is an issue with the fiscal year (FY) settings in the Asset Accounting (FI-AA) module, particularly when performing a legacy data transfer at the end of the fiscal year. This error typically arises when there is an attempt to transfer legacy data while there are multiple open fiscal years, which is not permitted in this context.
  
  Cause:
  
  Multiple Open Fiscal Years: The primary cause of this error is that there are multiple fiscal years open in the system. SAP allows only one open fiscal year when performing a legacy data transfer, especially at the end of the fiscal year.
  
  Configuration Issues: Incorrect configuration of fiscal year settings in the system can also lead to this error.
  Data Transfer Timing: Attempting to perform the legacy data transfer at a time when the system is not set up to allow it (e.g., at the end of the fiscal