How To Fix FAA_POST403 - Ledger &1: Posting on fixed asset not possible; fiscal year closed

SAP Error Message - Details

• Message type: E = Error

• Message class: FAA_POST - FIAA Posting Messages (Object-Oriented Kernel)

• Message number: 403

• Message text: Ledger &1: Posting on fixed asset not possible; fiscal year closed

What causes this issue?

Fiscal year &V1& is already closed for ledger &V2& in company code &V3&.

System Response

The system does <ZH>not</> allow the posting.

How to fix this error?

Check whether the business transaction should actually be posted in the
closed fiscal year. If this is the case, open the closed fiscal year (if
possible) and reenter the business transaction.
Alternatively, you can post the business transaction in depreciation
areas with a fiscal year that is still open, although you have to
restrict the posting to the corresponding accounting principles and
depreciation areas.

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_POST403 - Ledger &1: Posting on fixed asset not possible; fiscal year closed ?

  The SAP error message FAA_POST403 indicates that a posting to a fixed asset is not possible because the fiscal year has been closed. This is a common issue in SAP when trying to make adjustments or postings to fixed assets after the fiscal year has been finalized.
  Cause:
  
  Closed Fiscal Year: The primary cause of this error is that the fiscal year for the company code has been closed in the system. Once a fiscal year is closed, no further postings can be made to that year, including adjustments to fixed assets.
  Configuration Settings: The configuration settings in the Asset Accounting module may restrict postings to closed periods.
  Posting Periods: The posting period for the transaction may be set to a closed period in the controlling or financial accounting settings.
  
  Solution:
  
  
  Open the Fiscal Year: If it is necessary to make a posting to the closed fiscal year, you can temporarily open the fiscal year. This can be done by:
  
  Navigating to the transaction code OB52 (Change Posting Periods).
  Adjusting the settings to allow postings for the required period.
  Note: This should be done with caution and typically requires authorization, as it can affect financial reporting.
  
  
  
  Post in the Current Fiscal Year: If the posting does not need to be made in the closed fiscal year, consider making the necessary adjustments in the current fiscal year. This may involve:
  
  Creating a new posting in the current period.
  Using adjustment entries to reflect the changes needed.
  
  
  
  Consult with Finance Team: If you are unsure about the implications of opening a closed fiscal year or making adjustments, consult with your finance or accounting team to ensure compliance with accounting standards and practices.
  
  
  Related Information:
  
  Transaction Codes: Familiarize yourself with relevant transaction codes such as:
  
  AS02: Change Asset
  AS01: Create Asset
  AS03: Display Asset
  OB52: Change Posting Periods
  
  
  Authorization: Ensure you have the necessary authorizations to make changes to fiscal year settings or asset postings.
  Documentation: Review SAP documentation or help files related to Asset Accounting and fiscal year-end processes for best practices and guidelines.
  
  Best Practices:
  
  Always perform a thorough review of the financial implications before making changes to closed periods.
  Maintain clear communication with your finance team regarding any adjustments to ensure compliance with internal controls and external regulations.
  Regularly review and reconcile asset accounts to minimize the need for adjustments in closed periods. 
  
  By following these steps, you should be able to resolve the FAA_POST403 error and proceed with your asset postings as needed.