How To Fix FARR_CONTRACT_MAIN721 - &1 performance obligations have been found

SAP Error Message - Details

• Message type: E = Error

• Message class: FARR_CONTRACT_MAIN - Revenue Accounting: Contract Management

• Message number: 721

• Message text: &1 performance obligations have been found

Self-Explanatory Message

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Smart SAP Assistant

• What is the cause and solution for SAP error message FARR_CONTRACT_MAIN721 - &1 performance obligations have been found ?

  The SAP error message FARR_CONTRACT_MAIN721 typically indicates that there are performance obligations associated with a contract that need to be addressed. This error is often encountered 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:
  The error message suggests that there are performance obligations linked to a contract that have not been fully processed or recognized. This can occur due to several reasons, including:
  
  Incomplete Data: The contract may not have all the necessary data filled out, or there may be missing information related to performance obligations.
  Unprocessed Transactions: There may be transactions related to the contract that have not been processed, leading to outstanding performance obligations.
  Configuration Issues: There could be issues with the configuration of the RAR module or the contract management settings in SAP.
  Status of Performance Obligations: The performance obligations may be in a status that prevents further processing, such as being locked or in a pending state.
  
  Solution:
  To resolve the error, you can take the following steps:
  
  
  Check Contract Details: Review the contract in question to ensure that all required fields and data are correctly filled out. Pay special attention to the performance obligations section.
  
  
  Review Performance Obligations: Navigate to the performance obligations associated with the contract and check their status. Ensure that they are correctly defined and that there are no outstanding issues.
  
  
  Process Pending Transactions: If there are any pending transactions related to the contract, ensure that they are processed. This may involve running specific transactions or reports in SAP to clear any outstanding items.
  
  
  Configuration Review: If the issue persists, review the configuration settings for the RAR module. Ensure that the settings align with your organization's revenue recognition policies and that they are correctly set up to handle performance obligations.
  
  
  Consult Documentation: Refer to SAP documentation or notes related to the FARR_CONTRACT_MAIN721 error for any specific guidance or troubleshooting steps.
  
  
  Seek Support: If you are unable to resolve the issue, consider reaching out to your SAP support team or consulting with SAP experts who can provide assistance based on your specific system configuration and business processes.
  
  
  Related Information:
  
  SAP Notes: Check for any relevant SAP Notes that may address this specific error or provide additional troubleshooting steps.
  Transaction Codes: Familiarize yourself with relevant transaction codes in SAP RAR, such as those for managing contracts and performance obligations (e.g., FARR, FARR_CONTRACT).
  Training and Documentation: Ensure that users involved in contract management and revenue recognition are trained on the processes and best practices for using the RAR module effectively.
  
  By following these steps, you should be able to identify the cause of the error and implement a solution to resolve it.