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

SAP Error Message - Details

• 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.

Smart SAP Assistant

• What is the cause and solution for SAP error message FINS_REV_REC003 - Select detail will start event based revenue recognition ?

  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 recognition in SAP (Transaction Code: SPRO).
  Ensure that the settings for event-based revenue recognition are correctly defined for the relevant project or contract type.
  
  
  
  Review Document Type:
  
  Verify that the document type you are working with is set up to allow event-based revenue recognition. This can be checked in the configuration settings for the specific document type.
  
  
  
  Define Events:
  
  Ensure that the necessary events that trigger revenue recognition are defined and properly linked to the relevant contracts or projects. This may involve setting up milestone billing or other event triggers.
  
  
  
  User Authorizations:
  
  Check the user roles and authorizations to ensure that the user has the necessary permissions to perform revenue recognition activities.
  
  
  
  Consult Documentation:
  
  Review SAP documentation or help resources related to revenue recognition to ensure that all necessary steps and configurations have been followed.
  
  
  
  Testing:
  
  After making the necessary changes, perform a test to see if the error persists. If it does, further investigation may be required.
  
  
  
  Related Information:
  
  SAP Notes: Check for any relevant SAP Notes that may address this specific error or provide additional guidance on configuring event-based revenue recognition.
  SAP Community: Engage with the SAP Community forums to see if other users have encountered similar issues and what solutions they have found.
  Training and Documentation: Consider reviewing training materials or documentation related to SAP Revenue Recognition to better understand the processes and configurations involved.
  
  If the issue persists after following these steps, it may be beneficial to consult with an SAP expert or your organization's SAP support team for further assistance.