How To Fix FINS_IC_CUST029 - Currency type &1 cannot be used as a target currency type.

SAP Error Message - Details

• Message type: E = Error

• Message class: FINS_IC_CUST - Manage Currencies: Customizing

• Message number: 029

• Message text: Currency type &1 cannot be used as a target currency type.

What causes this issue?

Only currency types that have <LS>Valuation View - Legal Valuation</>
can be used as target currency types.
Therefore, currency type &V1& cannot be used as a target currency type
for the currency conversion.

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

Please note that the following currency types are also invalid target
currency types:
Document currency (currency type 00)
Company code currency
Group currency

System Response

How to fix this error?

You can view and modify the <LS>Valuation View</> that is assigned to
your currency type in the Customizing activity
<DS:SIMG.FINSVC_LEDGER_IC>Define Settings for Currency Types</>.

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 FINS_IC_CUST029 - Currency type &1 cannot be used as a target currency type. ?

  The SAP error message FINS_IC_CUST029 indicates that the currency type specified (denoted as &1 in the message) cannot be used as a target currency type in the context of intercompany transactions or financial postings. This error typically arises in scenarios involving currency conversion or when dealing with intercompany accounting.
  Cause:
  
  Invalid Currency Type: The currency type specified may not be configured correctly in the system or may not be allowed for the specific transaction you are trying to perform.
  Configuration Issues: The currency type might not be set up in the system for the relevant company code or controlling area.
  Transaction Type Restrictions: Certain transaction types may have restrictions on which currency types can be used as target currencies.
  Missing Customizing Settings: The necessary customizing settings for intercompany transactions may not be properly defined.
  
  Solution:
  
  
  Check Currency Type Configuration:
  
  Go to the SAP Customizing Implementation Guide (IMG) and navigate to Financial Accounting (New) > Financial Accounting Global Settings (New) > Currencies > Define Currency Types.
  Verify that the currency type in question is defined and configured correctly.
  
  
  
  Review Transaction Settings:
  
  Check the specific transaction or document type you are trying to post. Ensure that the currency type is allowed for that transaction.
  If you are working with intercompany transactions, ensure that the intercompany settings are correctly configured.
  
  
  
  Consult with SAP Basis or Functional Consultant:
  
  If you are unsure about the configuration or if changes are needed, consult with your SAP Basis or functional consultant to review the settings and make necessary adjustments.
  
  
  
  Testing:
  
  After making any changes, perform a test transaction to ensure that the error no longer occurs.
  
  
  
  Documentation and Notes:
  
  Check SAP Notes and documentation for any specific guidance related to the error message. Sometimes, there may be known issues or additional configuration steps required.
  
  
  
  Related Information:
  
  Transaction Codes: You may need to use transaction codes like OB08 (for maintaining exchange rates) or OB22 (for defining currency types) to check or modify currency settings.
  SAP Notes: Search for relevant SAP Notes in the SAP Support Portal that may address this specific error or provide additional context.
  Intercompany Accounting: Familiarize yourself with the intercompany accounting processes in SAP, as this error often relates to transactions between different company codes.
  
  By following these steps, you should be able to identify the cause of the error and implement a solution to resolve it.