How To Fix FARR_CONTRACT_UI221 - Perf. oblig. &1 has no standalone selling price

SAP Error Message - Details

• Message type: E = Error

• Message class: FARR_CONTRACT_UI - Revenue Accounting - Contract UI

• Message number: 221

• Message text: Perf. oblig. &1 has no standalone selling price

Self-Explanatory Message

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Smart SAP Assistant

• What is the cause and solution for SAP error message FARR_CONTRACT_UI221 - Perf. oblig. &1 has no standalone selling price ?

  The SAP error message FARR_CONTRACT_UI221 indicates that there is a performance obligation in a contract that does not have a standalone selling price (SSP) assigned to it. This is particularly relevant in the context of revenue recognition under IFRS 15 or ASC 606, where companies must allocate revenue to performance obligations based on their standalone selling prices.
  Cause:
  
  Missing Standalone Selling Price: The performance obligation referenced in the error does not have a standalone selling price defined in the system.
  Incorrect Configuration: The configuration for revenue recognition or the contract itself may not be set up correctly.
  Data Entry Issues: There may be data entry errors or omissions when creating or updating the contract or performance obligations.
  
  Solution:
  
  
  Define Standalone Selling Price:
  
  Navigate to the relevant contract or performance obligation in SAP.
  Ensure that a standalone selling price is assigned to the performance obligation. This can typically be done in the contract management or revenue recognition module.
  If the standalone selling price is not known, it may need to be estimated based on historical sales data or market analysis.
  
  
  
  Check Configuration:
  
  Review the configuration settings for revenue recognition in your SAP system. Ensure that all necessary settings for performance obligations and standalone selling prices are correctly configured.
  Consult with your SAP functional consultant or team responsible for revenue recognition to ensure compliance with accounting standards.
  
  
  
  Review Contract Details:
  
  Check the details of the contract to ensure that all performance obligations are correctly defined and that there are no missing or incorrect entries.
  If the contract is part of a larger project or bundle, ensure that the standalone selling prices for all components are defined.
  
  
  
  Consult Documentation:
  
  Refer to SAP documentation or help resources for specific guidance on handling performance obligations and standalone selling prices in your version of SAP.
  
  
  
  Testing:
  
  After making the necessary changes, test the contract again to ensure that the error is resolved and that the revenue recognition process works as expected.
  
  
  
  Related Information:
  
  Revenue Recognition Standards: Familiarize yourself with IFRS 15 or ASC 606, as these standards dictate how revenue should be recognized and allocated to performance obligations.
  SAP Notes and Support: Check SAP Notes for any known issues or patches related to this error message. SAP Support can also provide assistance if the issue persists.
  Training and Resources: Consider training for users involved in contract management and revenue recognition to ensure they understand how to properly set up and manage performance obligations and standalone selling prices.
  
  By addressing the standalone selling price issue, you should be able to resolve the error message and proceed with the revenue recognition process in SAP.