How To Fix FARR_FOUNDATION064 - P/L account for recognized revenue of performance obligation &1 not found

SAP Error Message - Details

• Message type: E = Error

• Message class: FARR_FOUNDATION - Revenue Accounting - Foundation

• Message number: 064

• Message text: P/L account for recognized revenue of performance obligation &1 not found

Self-Explanatory Message

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Smart SAP Assistant

• What is the cause and solution for SAP error message FARR_FOUNDATION064 - P/L account for recognized revenue of performance obligation &1 not found ?

  The SAP error message FARR_FOUNDATION064 indicates that there is an issue with the Profit and Loss (P/L) account for recognized revenue of a performance obligation in the context of SAP's Revenue Accounting and Reporting (RAR) module. This error typically arises when the system cannot find the appropriate P/L account that should be used for recognizing revenue for a specific performance obligation.
  Cause:
  
  Missing Configuration: The P/L account for the recognized revenue may not be configured in the system for the specific performance obligation.
  Incorrect Assignment: The performance obligation may not be correctly assigned to a revenue recognition method that has a valid P/L account.
  Master Data Issues: There may be issues with the master data related to the performance obligation or the revenue recognition method.
  Inconsistent Settings: The settings in the RAR configuration may not be consistent with the requirements for revenue recognition.
  
  Solution:
  
  
  Check Configuration:
  
  Go to the RAR configuration settings and verify that the P/L account for recognized revenue is correctly set up for the performance obligation in question.
  Ensure that the revenue recognition method assigned to the performance obligation has a valid P/L account.
  
  
  
  Review Performance Obligation:
  
  Check the details of the performance obligation to ensure it is correctly defined and linked to the appropriate revenue recognition method.
  
  
  
  Update Master Data:
  
  If the P/L account is missing, you may need to create or update the relevant master data to include the correct P/L account for the performance obligation.
  
  
  
  Consult Documentation:
  
  Refer to SAP documentation or help resources for guidance on configuring revenue recognition and ensuring that all necessary accounts are set up.
  
  
  
  Testing:
  
  After making the necessary changes, perform a test to ensure that the error no longer occurs and that revenue can be recognized correctly.
  
  
  
  Related Information:
  
  Transaction Codes: You may need to use transaction codes such as OBY6 (for defining P/L accounts) or FARR (for Revenue Accounting and Reporting) to access the relevant configuration settings.
  SAP Notes: Check for any relevant SAP Notes that may address this specific error or provide additional guidance on configuration.
  User Roles: Ensure that you have the necessary authorizations to make changes to the configuration and master data.
  
  If the issue persists after following these steps, it may be beneficial to consult with your SAP support team or a consultant who specializes in SAP RAR for further assistance.