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

SAP Error Message - Details

• 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.

Smart SAP Assistant

• What is the cause and solution for SAP error message FH002 - P+L statement account type &1 not defined ?

  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 the required account type for the P&L statement is defined and configured correctly.
  
  
  
  Check Configuration:
  
  Verify that the account type is correctly assigned to the relevant G/L accounts.
  Ensure that the account type is included in the P&L statement configuration.
  
  
  
  Review Transaction Data:
  
  Check the transaction or report that triggered the error to ensure that the correct account type is being used.
  If necessary, adjust the transaction data to reference a valid account type.
  
  
  
  Consult Documentation:
  
  Review SAP documentation or help resources for specific details on configuring account types and P&L statements.
  
  
  
  Testing:
  
  After making the necessary changes, test the transaction or report again to ensure that the error has been resolved.
  
  
  
  Related Information:
  
  Transaction Codes: You may need to use transaction codes like OB52 (to maintain posting periods) or FS00 (to create/change G/L accounts) to manage account types and configurations.
  SAP Notes: Check SAP Notes for any known issues or patches related to this error message.
  User Roles: Ensure that you have the necessary authorizations to make changes to account types and configurations in the system.
  
  If the issue persists after following these steps, it may be beneficial to consult with your SAP support team or a functional consultant who specializes in financial accounting within SAP.