How To Fix FINS_REV_REC010 - Maintain plan costs suitable for &2 using revenue recognition method '&1'

FINS_REV_REC010 - Overview

• Message type: E = Error

• Message class: FINS_REV_REC - Event Based revenue recognition

• Message number: 010

• Message text: Maintain plan costs suitable for &2 using revenue recognition method '&1'

What causes this issue?

The method which is used for revenue recognition needs plan costs in
order to function.
Example
The cost based percentage-of-completion (POC) method for an item with a
fix price agreement would calculate
POC = actual costs / plan costs
Recognized revenue = POC * plan revenue
Without plan costs the cost based POC method cannot be applied. And of
course here you also would need suitable plan revenues.

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?

Please maintain suitable plan costs for the quoted object.
If plan costs are maintained and the error message is still displayed,
please check the customizing of event based revenue recognition. Verify
whether the right plan source has been selected and verify whether all
relevant cost elements or condition types are assigned to sources with
suitable usages.
With the app "Run Revenue Recognition - Projects" respective transaction
REV_REC_COL_PRO you may verify the assignment of cost elements and
condition types. Choose Execution Type "Display" and execute. On the
result list select the line of the WBS element you are interested in. On
the document which is displayed then you search for the section "List of
applied assignment rules". The same procedure applies to other object
types using the appropriate app respective transaction.
Public Cloud
The app "Plan Customer Projects" will create plan costs for customer
projects if you plan labor and expenses under the tab "Work Packages".
Plan revenue will be created if you maintain the billing plan under the
tab "Billing".
With the app "Revenue Recognition (Event Based) - Projects" you also may
verify the assignment of cost elements and condition types. There you
select the details for a certain WBS element, then you execute the
action "Revalue" and on the window which then pops up you select the
action "Explain Simulation". On the document which is displayed then you
search for the section "List of applied assignment rules".

Procedure for System Administrators

Error message extract from SAP system. Copyright SAP SE.

FINS_REV_REC010 - Details

• The SAP error message FINS_REV_REC010 typically occurs in the context of revenue recognition in SAP, particularly when dealing with the planning of costs associated with a project or sales order. This error indicates that the plan costs for a specific revenue recognition method are not maintained correctly.
  
  Cause:
  The error message is triggered when:
  
  The revenue recognition method specified (indicated by '&1') does not have corresponding plan costs defined for the project or sales order (indicated by '&2').
  The system requires that plan costs be maintained for the revenue recognition method being used, but they are either missing or incorrectly configured.
  
  
  Solution:
  To resolve this error, you can take the following steps:
  
  
  Check Revenue Recognition Method:
  
  Go to the configuration settings for revenue recognition methods in SAP (Transaction code: OAA3 or similar).
  Verify that the revenue recognition method you are using is correctly set up and that it is appropriate for the type of project or sales order.
  
  
  
  Maintain Plan