How To Fix FARR_CONTRACT_MAIN304 - Failed to get local amnts with act. rate when transferring rev. of POB &1

SAP Error Message - Details

• Message type: E = Error

• Message class: FARR_CONTRACT_MAIN - Revenue Accounting: Contract Management

• Message number: 304

• Message text: Failed to get local amnts with act. rate when transferring rev. of POB &1

Self-Explanatory Message

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Smart SAP Assistant

• What is the cause and solution for SAP error message FARR_CONTRACT_MAIN304 - Failed to get local amnts with act. rate when transferring rev. of POB &1 ?

  The SAP error message FARR_CONTRACT_MAIN304 typically occurs in the context of revenue recognition and contract management, particularly when dealing with the transfer of revenue for a Performance Obligation (POB). This error indicates that the system failed to retrieve local amounts with the actual rate during the transfer process.
  Cause:
  The error can be caused by several factors, including:
  
  
  Missing or Incorrect Configuration: The configuration for the revenue recognition process may not be set up correctly, particularly in relation to currency settings or actual rates.
  
  
  Data Inconsistencies: There may be inconsistencies in the data related to the Performance Obligation, such as missing entries or incorrect amounts.
  
  
  Currency Translation Issues: If there are issues with currency translation or if the actual rates are not maintained properly in the system, this can lead to the error.
  
  
  Incomplete Master Data: The master data for the contract or the related financial documents may be incomplete or incorrect.
  
  
  System Bugs or Limitations: Occasionally, there may be bugs in the SAP system or limitations in the version being used that could lead to this error.
  
  
  Solution:
  To resolve the error, you can take the following steps:
  
  
  Check Configuration: Review the configuration settings for revenue recognition and ensure that all necessary settings related to currency and actual rates are correctly configured.
  
  
  Verify Data: Check the data associated with the Performance Obligation. Ensure that all amounts are correctly entered and that there are no missing entries.
  
  
  Review Currency Settings: Ensure that the actual rates are maintained in the system and that there are no discrepancies in currency settings.
  
  
  Check Master Data: Verify that all relevant master data (contracts, customers, etc.) is complete and accurate.
  
  
  Run Reports: Use SAP reports to identify any inconsistencies or issues in the data that may be causing the error.
  
  
  Consult SAP Notes: Check the SAP Support Portal for any relevant SAP Notes or patches that may address this specific error.
  
  
  Contact SAP Support: If the issue persists after checking the above points, consider reaching out to SAP Support for further assistance.
  
  
  Related Information:
  
  Transaction Codes: Familiarize yourself with relevant transaction codes such as FARR (for revenue recognition) and FBL1N (for vendor line items) to help diagnose the issue.
  Documentation: Review SAP documentation related to revenue recognition and contract management for best practices and troubleshooting tips.
  User Forums: Engage with SAP community forums or user groups where similar issues may have been discussed, and solutions shared.
  
  By following these steps, you should be able to identify the root cause of the error and implement a solution to resolve it.