How To Fix FARR_CONTRACT_MAIN701 - One of the co. codes under acct. principle &1 is not enabled for Rev.Acct

FARR_CONTRACT_MAIN701 - Overview

• Message type: E = Error

• Message class: FARR_CONTRACT_MAIN - Revenue Accounting: Contract Management

• Message number: 701

• Message text: One of the co. codes under acct. principle &1 is not enabled for Rev.Acct

What causes this issue?

At least one of the company codes that you have selected is not enabled
for Revenue Accounting. In other words, the combination of your selected
company code and the accounting principle does not find a match in the
definitions in <DS:SIMG.FARR_VC_ACCT_PR_HEAD>Customizing</>.

System Response

The system cannot display the report.

How to fix this error?

The most likely cause is that you have selected a company code that is
not enabled for Revenue Accounting in Customizing.

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_CONTRACT_MAIN701 - One of the co. codes under acct. principle &1 is not enabled for Rev.Acct ?

  The SAP error message FARR_CONTRACT_MAIN701 indicates that one of the company codes associated with the specified accounting principle is not enabled for revenue accounting. This error typically arises when you are trying to create or manage a revenue contract in SAP Revenue Accounting and Reporting (RAR), and it points to a configuration issue.
  
  Cause:
  The error is caused by the following reasons:
  
  Company Code Configuration: The company code linked to the accounting principle is not set up to use revenue accounting. This means that the necessary settings for revenue recognition have not been activated for that company code.
  Accounting Principle Settings: The accounting principle you are trying to use may not be properly configured to include the company code in question.
  
  
  Solution:
  To resolve this error, you can follow these steps:
  
  
  Check Company Code Settings:
  
  Go to the SAP Easy Access screen.
  Navigate to SPRO (Customizing) > Financial Accounting > Revenue Accounting and Reporting > Basic Settings > Define