How To Fix FARR_CONTR_LIFECYCLE023 - P/L account for recognized revenue of performance obligation &1 not found

SAP Error Message - Details

• Message type: E = Error

• Message class: FARR_CONTR_LIFECYCLE - Message from Contract Lifecyle (RAR 2.0 Object Model)

• Message number: 023

• Message text: P/L account for recognized revenue of performance obligation &1 not found

Self-Explanatory Message

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Smart SAP Assistant

• What is the cause and solution for SAP error message FARR_CONTR_LIFECYCLE023 - P/L account for recognized revenue of performance obligation &1 not found ?

  The SAP error message FARR_CONTR_LIFECYCLE023 indicates that the system cannot find a Profit and Loss (P/L) account for recognized revenue related to a specific performance obligation. This error typically arises in the context of SAP's Revenue Accounting and Reporting (RAR) module, which is used to manage revenue recognition in compliance with accounting standards such as IFRS 15 and ASC 606.
  Cause:
  
  Missing Configuration: The most common cause of this error is that the P/L account for the recognized revenue of the specified performance obligation has not been configured in the system.
  Incorrect Account Assignment: The account assignment for the performance obligation may be incorrect or missing in the relevant configuration settings.
  Master Data Issues: There may be issues with the master data related to the performance obligation, such as missing or incorrect entries in the relevant tables.
  Integration Issues: If the performance obligation is linked to other modules (like SD or PS), there may be integration issues that prevent the correct account from being identified.
  
  Solution:
  
  
  Check Configuration:
  
  Navigate to the configuration settings for Revenue Accounting and Reporting (transaction code SPRO).
  Ensure that the P/L accounts for recognized revenue are properly defined for the relevant performance obligations.
  Check the settings under Revenue Recognition > Define Revenue Recognition Accounts.
  
  
  
  Review Performance Obligation Settings:
  
  Go to the performance obligation settings and verify that the correct P/L account is assigned.
  Ensure that the performance obligation is correctly linked to the appropriate revenue recognition method.
  
  
  
  Master Data Review:
  
  Check the master data for the performance obligation to ensure that all required fields are filled out correctly.
  Look for any inconsistencies or missing data that could lead to this error.
  
  
  
  Integration Check:
  
  If the performance obligation is linked to other modules, ensure that the integration settings are correct and that the necessary data is being passed between modules.
  
  
  
  Testing:
  
  After making the necessary changes, perform a test run to see if the error persists. This can be done by trying to recognize revenue for the performance obligation again.
  
  
  
  Related Information:
  
  Transaction Codes: Familiarize yourself with relevant transaction codes such as:
  
  SPRO: For configuration settings.
  FARR: For Revenue Accounting and Reporting transactions.
  
  
  Documentation: Refer to SAP documentation or help guides related to Revenue Accounting and Reporting for detailed steps on configuration and troubleshooting.
  SAP Notes: Check for any relevant SAP Notes that may address this specific error or provide additional guidance.
  
  If the issue persists after following these steps, it may be beneficial to consult with your SAP support team or reach out to SAP support for further assistance.