How To Fix FIEG_LOC012 - Currency specified in the bank account for tax payment is not EGP

SAP Error Message - Details

• Message type: E = Error

• Message class: FIEG_LOC - FIEG_LOC

• Message number: 012

• Message text: Currency specified in the bank account for tax payment is not EGP

Self-Explanatory Message

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Smart SAP Assistant

• What is the cause and solution for SAP error message FIEG_LOC012 - Currency specified in the bank account for tax payment is not EGP ?

  The SAP error message FIEG_LOC012 indicates that the currency specified in the bank account for tax payment is not the Egyptian Pound (EGP). This error typically arises when there is a mismatch between the currency set in the bank account and the currency required for the tax payment.
  Cause:
  
  Bank Account Configuration: The bank account used for the tax payment is configured with a currency other than EGP.
  Tax Configuration: The tax payment process is expecting the payment to be made in EGP, but the bank account is set to a different currency.
  Transaction Settings: The transaction or payment method being used may not be aligned with the currency requirements for tax payments.
  
  Solution:
  
  
  Check Bank Account Settings:
  
  Navigate to the bank account configuration in SAP.
  Ensure that the currency for the bank account is set to EGP.
  If the bank account is meant to handle multiple currencies, ensure that EGP is included and set as the default for tax payments.
  
  
  
  Adjust Tax Payment Configuration:
  
  Review the tax payment configuration settings in SAP.
  Ensure that the tax payment process is set to use the correct bank account that is configured with EGP.
  
  
  
  Change Payment Method:
  
  If the current payment method is not compatible with EGP, consider changing it to one that is.
  Ensure that the payment method settings are aligned with the currency requirements.
  
  
  
  Consult with Finance Team:
  
  If you are unsure about the correct settings, consult with your finance or accounting team to ensure compliance with local regulations regarding tax payments.
  
  
  
  Testing:
  
  After making the necessary changes, perform a test transaction to ensure that the error does not reoccur.
  
  
  
  Related Information:
  
  SAP Documentation: Refer to SAP Help documentation for detailed instructions on configuring bank accounts and payment methods.
  Transaction Codes: Familiarize yourself with relevant transaction codes such as:
  
  FI12: For managing bank master data.
  OB52: For managing posting periods, which may affect payment processing.
  
  
  User Roles: Ensure that you have the appropriate permissions to make changes to bank account settings and tax configurations.
  
  By following these steps, you should be able to resolve the FIEG_LOC012 error and ensure that your tax payments are processed correctly in EGP.