How To Fix FARR_CONTRACT_MAIN501 - Fulfillment date of perf. oblig. &1 falls in a closed, previous period

SAP Error Message - Details

• Message type: E = Error

• Message class: FARR_CONTRACT_MAIN - Revenue Accounting: Contract Management

• Message number: 501

• Message text: Fulfillment date of perf. oblig. &1 falls in a closed, previous period

Self-Explanatory Message

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Smart SAP Assistant

• What is the cause and solution for SAP error message FARR_CONTRACT_MAIN501 - Fulfillment date of perf. oblig. &1 falls in a closed, previous period ?

  The SAP error message FARR_CONTRACT_MAIN501 indicates that there is an issue with the fulfillment date of a performance obligation in a contract. Specifically, it means that the fulfillment date falls within a closed or previous accounting period, which is not allowed in SAP.
  Cause:
  
  Closed Period: The accounting period for the transaction has been closed, meaning that no further postings can be made to that period.
  Incorrect Date Entry: The date entered for the fulfillment of the performance obligation may have been incorrectly set to a past date that is now closed.
  Configuration Settings: The system settings may restrict postings to closed periods, which is a common practice to maintain data integrity.
  
  Solution:
  
  Change the Fulfillment Date: Update the fulfillment date to a date that falls within an open accounting period. This can usually be done in the contract or performance obligation entry screen.
  Open the Previous Period: If it is absolutely necessary to post to the closed period, you may need to consult with your finance team to see if they can temporarily open the period. However, this is generally not recommended as it can lead to inconsistencies in financial reporting.
  Review Configuration: Check the configuration settings in the SAP system to ensure that they align with your business processes. If necessary, consult with your SAP administrator or a functional consultant to adjust the settings.
  Consult Documentation: Refer to SAP documentation or help resources for specific guidance on handling performance obligations and accounting periods.
  
  Related Information:
  
  Transaction Codes: You may need to use transaction codes like FARR (for contract management) or FBL1N (for vendor line items) to navigate to the relevant areas in SAP.
  SAP Notes: Check for any relevant SAP Notes that may address this specific error or provide additional context.
  User Roles: Ensure that you have the appropriate permissions to make changes to contracts and performance obligations in the system.
  
  If the issue persists after trying the above solutions, it may be beneficial to engage with your SAP support team or a consultant who specializes in SAP Financials for further assistance.