How To Fix FARR_CONTR_LIFECYCLE067 - Contr. &1 cannot be terminated early in closed periods.

SAP Error Message - Details

• Message type: E = Error

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

• Message number: 067

• Message text: Contr. &1 cannot be terminated early in closed periods.

What causes this issue?

Early termination of a revenue accounting contract cannot be performed
if the effective date is in a closed period.

System Response

The change process of this contract is terminated.

How to fix this error?

The effective date must be verified.

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 FARR_CONTR_LIFECYCLE067 - Contr. &1 cannot be terminated early in closed periods. ?

  The SAP error message FARR_CONTR_LIFECYCLE067 indicates that a contract (in this case, identified by &1) cannot be terminated early because it is in a closed period. This typically occurs in the context of contract accounting or asset accounting, where certain financial periods are closed for posting to ensure data integrity and compliance with accounting standards.
  Cause:
  
  Closed Period: The primary reason for this error is that the financial period in which the contract is being processed has been closed. In SAP, once a period is closed, no further postings can be made to that period.
  Contract Lifecycle Management: The contract may have specific lifecycle rules that prevent early termination if certain conditions are not met, such as financial postings or dependencies on other contracts or transactions.
  
  Solution:
  
  
  Open the Period: If it is necessary to terminate the contract early, you may need to open the closed period. This can be done by:
  
  Navigating to the period closing transaction in SAP (e.g., transaction code OB52 for financial periods).
  Adjusting the settings to allow postings in the closed period. Note that this should be done with caution and typically requires authorization.
  
  
  
  Check Contract Status: Review the status of the contract to ensure that it is eligible for early termination. You may need to check for any dependencies or conditions that must be fulfilled before termination.
  
  
  Consult with Finance Team: If you are unsure about the implications of opening a closed period or the process for terminating the contract, consult with your finance or accounting team. They can provide guidance on the appropriate steps to take.
  
  
  Use Alternative Methods: If opening the period is not feasible, consider whether there are alternative methods to handle the contract, such as waiting until the next open period or processing the termination in a different manner.
  
  
  Related Information:
  
  
  Transaction Codes: Familiarize yourself with relevant transaction codes such as:
  
  OB52: For managing posting periods.
  FARR: For contract accounting and asset management.
  
  
  
  Documentation: Review SAP documentation or help files related to contract lifecycle management and period closing procedures for more detailed guidance.
  
  
  User Authorizations: Ensure that you have the necessary authorizations to make changes to periods or contracts in SAP.
  
  
  Testing: If changes are made to the period settings, it is advisable to test the impact in a development or test environment before applying changes in the production environment.
  
  
  By following these steps, you should be able to address the error message and proceed with the necessary actions regarding the contract.