How To Fix FINS_IC_CUST031 - Field &1 ("&2") isn't initial in settings for ledger &3 / comp. code &4

FINS_IC_CUST031 - Overview

• Message type: E = Error

• Message class: FINS_IC_CUST - Manage Currencies: Customizing

• Message number: 031

• Message text: Field &1 ("&2") isn't initial in settings for ledger &3 / comp. code &4

What causes this issue?

Freely defined currencies are not used in the database table (BSEG) for
accounting documents. Therefore, the corresponding currency position
setting, must be initial in the settings for the combination of ledger
&V3& and company code &V4&. In this case, the relevance indicator for
Material Ledger of the new target currency, must be initial.
For setting &V1& ("&V2&") this requirement is currently not fulfilled.

System Response

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

How to fix this error?

Check and adjust the settings for the combination of ledger &V3& and
company code &V4& 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.

FINS_IC_CUST031 - Details

• The SAP error message FINS_IC_CUST031 typically occurs in the context of intercompany accounting settings. This error indicates that a specific field (denoted by &1 and &2) is not initialized (i.e., it has a value) in the configuration for a particular ledger (&3) and company code (&4). 
  
  Cause:
  The error usually arises due to one of the following reasons:
  
  
  Configuration Issues: The intercompany settings for the specified ledger and company code are not properly configured. This could mean that certain required fields have been filled in when they should be left blank or vice versa.
  Inconsistent Data: There may be inconsistencies in the data entered for intercompany transactions, leading to conflicts with the expected settings.
  Missing Customization: The necessary customization for intercompany transactions may not have been completed, leading to the system expecting certain fields to be initialized.
  
  
  Solution:
  To resolve the FINS_IC_CUST031 error, you can follow these steps:
  
  
  Check Configuration:
  
  Go to the configuration settings for intercompany accounting