How To Fix FH002 - P+L statement account type &1 not defined

FH002 - Overview

• Message type: E = Error

• Message class: FH - General ledger module messages

• Message number: 002

• Message text: P+L statement account type &1 not defined

What causes this issue?

You have used an P+L statement account type that is not defined in the
system.
With P+L statement accounts, you must define the account to which the
profit/loss (retained earnings) is to be carried forward. The P+L
statement account is assigned to a retained earnings account in the
system using a key. You enter this key in the P+L statement account type
field.

System Response

The P+L statement account type used has not been defined in the system.
Consequently, the system cannot use it.

How to fix this error?

Check whether you can use an existing P+L statement account type
(F4-help) or, if you have the relevant authorization, create the
required P+L statement account type and the corresponding retained
earnings account.

Error message extract from SAP system. Copyright SAP SE.

FH002 - Details

• The SAP error message FH002 indicates that there is an issue with the Profit and Loss (P&L) statement account type not being defined in the system. This error typically arises when you are trying to generate a P&L statement or perform a financial operation that requires specific account types to be configured.
  
  Cause:
  
  Missing Configuration: The account type for the P&L statement has not been defined in the system. This could be due to incomplete configuration during the setup of the financial module.
  Incorrect Account Type: The account type specified in the transaction or report does not exist in the system.
  Data Migration Issues: If data has been migrated from another system, the account types may not have been properly transferred or configured.
  
  
  Solution:
  
  
  Define Account Type:
  
  Go to the SAP Customizing Implementation Guide (IMG).
  Navigate to Financial Accounting (New) > General Ledger Accounting (New) > Master Data > G/L Accounts > Preparation > Define Account Types.
  Ensure that