How To Fix FI_E042 - No fund type is defined in fund master record for fund &1 in FM area &2

FI_E042 - Overview

• Message type: E = Error

• Message class: FI_E - Message Class for FM English Developers

• Message number: 042

• Message text: No fund type is defined in fund master record for fund &1 in FM area &2

What causes this issue?

You are using the funds management system integrated with the budgetary
ledger (BL). For FM area &V2&, the BL is active with account derivation
for the federal government of the United States.
Postings in the budgetary ledger require an account derivation. The
fund type defined in the fund master record is a key field for the US
budgetary ledger account derivation. However, in this case, no fund type
has been defined for fund &V1& in FM area &V2&.

System Response

The budgetary ledger processor cannot post this document.

How to fix this error?

There are two options for correcting this problem:
Check if the fund &V1& is the right one for the posting. If not,
replace this fund with another one containing a fund type in the fund
master record.
If this is the fund that has to be used for this posting, maintain the
fund type in the fund master record accordingly with transaction FM5U.
If necessary, create fund types for the FM area executing transaction
OFFT.
You can access the transactions using the links below.

<DS:TRAN.OFFT>Execute create FM fund types</>
<DS:TRAN.FM5U>Execute change fund master record</>
ENDIF

The system issues an error message and will not allow you to continue with this transaction until the error is resolved.

Error message extract from SAP system. Copyright SAP SE.

FI_E042 - Details

• The SAP error message FI_E042 indicates that there is no fund type defined in the fund master record for a specific fund in a particular Funds Management (FM) area. This error typically arises when you are trying to post a transaction related to funds management, and the system cannot find the necessary configuration for the specified fund.
  
  Cause:
  
  Missing Fund Type: The fund master record for the specified fund does not have a fund type assigned.
  Incorrect Configuration: The fund may not have been properly configured in the system, or it may have been deleted or not created at all.
  Data Entry Error: There may be a mistake in the fund number or FM area being referenced in the transaction.
  
  
  Solution:
  To resolve this error, you can follow these steps:
  
  
  Check Fund Master Record:
  
  Go to the transaction code FMF1 (Create Fund) or FMF2 (Change Fund) in SAP.
  Enter the fund number and FM area that is causing the