How To Fix FINS_REV_REC003 - Select detail will start event based revenue recognition

FINS_REV_REC003 - Overview

• Message type: E = Error

• Message class: FINS_REV_REC - Event Based revenue recognition

• Message number: 003

• Message text: Select detail will start event based revenue recognition

What causes this issue?

If the <LS>Detail</> function is selected, revenue recognition will be
executed. Before executing revenue recognition, make sure that any error
situations are resolved. Such situations may occur in the following
cases:
If an error occurs in revenue recognition during real-time processing of
a reference document, the journal entry for the reference document is
created but not the subsequent revenue recognition document. Instead, an
entry is added to the log. This entry enables that part of the revenue
recognition process to be carried out at a later time. When processing
of that part is carried out, the revenue recognition document for the
journal entry for the reference document.will be created.
A re-evaluation request recalculates the revenue recognition values for
the logged object. A re-evaluation request is created for example in the
following cases:
An error occurred during the closing run.
A reference document is processed in real time but no suitable real-time
processing was specified.
A manually created request.

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?

Procedure for System Administrators

Error message extract from SAP system. Copyright SAP SE.

FINS_REV_REC003 - Details

• The SAP error message FINS_REV_REC003 typically indicates that the system requires a specific configuration or action to enable event-based revenue recognition for a particular transaction or document. This error is often encountered in the context of revenue recognition processes, particularly when dealing with contracts or projects that require recognition of revenue based on specific events rather than time-based recognition.
  
  Cause:
  The error message can arise due to several reasons, including:
  
  Missing Configuration: The revenue recognition settings for the relevant project or contract may not be properly configured to allow for event-based recognition.
  Incorrect Document Type: The document type being processed may not support event-based revenue recognition.
  Lack of Event Triggers: There may be no defined events that trigger revenue recognition for the transaction in question.
  Inadequate Authorizations: The user may not have the necessary authorizations to execute the revenue recognition process.
  
  
  Solution:
  To resolve the FINS_REV_REC003 error, consider the following steps:
  
  
  Check Configuration:
  
  Navigate to the configuration settings for revenue