How To Fix FC401 - Specify a chart of accounts that exists

FC401 - Overview

• Message type: E = Error

• Message class: FC - FI configuration error messages

• Message number: 401

• Message text: Specify a chart of accounts that exists

What causes this issue?

You have specified &V1& as the target chart of accounts. This chart of
accounts.
A new chart of accounts can only be created if you selected the option
"Accounts in chart of accounts".

How to fix this error?

Check your entries.

Error message extract from SAP system. Copyright SAP SE.

FC401 - Details

• The SAP error message FC401, "Specify a chart of accounts that exists," typically occurs when you are trying to perform a financial transaction or configuration that requires a valid chart of accounts (CoA) to be specified, but the system cannot find the CoA you have entered. This can happen in various contexts, such as during the creation of a new company code, posting a financial document, or configuring financial settings.
  Causes of FC401 Error
  
  Non-Existent Chart of Accounts: The chart of accounts you are trying to use does not exist in the system.
  Incorrect Configuration: The chart of accounts may not be properly assigned to the company code or the relevant organizational unit.
  Typographical Errors: There may be a typo in the chart of accounts code you entered.
  Authorization Issues: The user may not have the necessary authorizations to access the specified chart of accounts.
  Inactive Chart of Accounts: The chart of accounts may exist but