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

SAP Error Message - Details

• 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.

Smart SAP Assistant

• What is the cause and solution for SAP error message FI_E042 - No fund type is defined in fund master record for fund &1 in FM area &2 ?

  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 error.
  Verify if the fund type is defined in the fund master record. If it is missing, you will need to assign a fund type.
  
  
  
  Assign Fund Type:
  
  If the fund type is not defined, you can assign it by editing the fund master record.
  Make sure to save the changes after assigning the fund type.
  
  
  
  Verify Configuration:
  
  Ensure that the fund and fund type are correctly configured in the system. You may need to consult with your SAP configuration team if you are unsure about the correct settings.
  
  
  
  Check for Data Entry Errors:
  
  Double-check the fund number and FM area you are using in your transaction to ensure they are correct.
  
  
  
  Consult Documentation:
  
  If you are still facing issues, refer to SAP documentation or consult with your SAP support team for further assistance.
  
  
  
  Related Information:
  
  Transaction Codes: 
  
  FMF1: Create Fund
  FMF2: Change Fund
  FMF3: Display Fund
  
  
  SAP Notes: Check for any relevant SAP Notes that might address this specific error or provide additional guidance.
  Authorization: Ensure that you have the necessary authorizations to view and edit fund master records.
  
  By following these steps, you should be able to resolve the FI_E042 error and successfully process your transaction in SAP.