How To Fix FICO1588 - Period valid from &1 deleted; new period valid from &2 generated

SAP Error Message - Details

• Message type: E = Error

• Message class: FICO1 -

• Message number: 588

• Message text: Period valid from &1 deleted; new period valid from &2 generated

What causes this issue?

You have changed the <LS>valid-from date</> of the validity period for a
condition.

System Response

The system generates a new validity period with the new <LS>valid-from
date. </>The system saves the validity period with the original <LS>
valid-from date</> with the <DS:DE.FICO_OSTATUS>status</> 50
("Deleted"). It does not physically delete the validity period, meaning
that you can still access the change documents.

How to fix this error?

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

Procedure for System Administrators

Error message extract from SAP system. Copyright SAP SE.

Smart SAP Assistant

• What is the cause and solution for SAP error message FICO1588 - Period valid from &1 deleted; new period valid from &2 generated ?

  The SAP error message FICO1588 indicates that there is a conflict with the validity periods of a financial document or transaction in the SAP system. Specifically, it means that the original period valid from date has been deleted, and a new period valid from date has been generated. This typically occurs in the context of financial accounting (FI) and controlling (CO) modules when there are changes to the fiscal year variant or when periods are closed or opened.
  Cause:
  
  Period Closing: The error often arises when a financial period has been closed, and an attempt is made to post a transaction to that period.
  Changes in Fiscal Year Variant: If there are changes made to the fiscal year variant settings, it can lead to the deletion of existing periods and the creation of new ones.
  Data Consistency Issues: There may be inconsistencies in the data that lead to the system needing to adjust the validity periods.
  
  Solution:
  
  Check Period Status: Verify the status of the financial periods in the system. Ensure that the period you are trying to post to is open. You can do this by navigating to the transaction code OB52 (Change View "Open and Close Posting Periods").
  Review Fiscal Year Variant: Check if there have been any recent changes to the fiscal year variant settings. If changes were made, ensure that they are correctly configured.
  Adjust Posting Date: If the period is closed, consider adjusting the posting date of the transaction to a valid open period.
  Consult with Finance Team: If you are unsure about the changes made to the periods or fiscal year variant, consult with your finance team or SAP administrator to understand the implications of the changes.
  Repost Transactions: If necessary, you may need to reverse and repost transactions to the correct period.
  
  Related Information:
  
  Transaction Codes: Familiarize yourself with relevant transaction codes such as OB52 for managing posting periods, FBL1N for vendor line items, and FB03 for displaying documents.
  SAP Notes: Check SAP Notes for any known issues or patches related to this error message. SAP Notes can provide additional context or solutions.
  Documentation: Review SAP documentation on fiscal year variants and posting periods for a deeper understanding of how these elements interact within the system.
  
  By following these steps, you should be able to resolve the FICO1588 error and ensure that your financial postings are correctly aligned with the open periods in your SAP system.