How To Fix FINS_REV_REC016 - Maintain plan revenues suitable for &2 using revenue recogn. method '&1'

FINS_REV_REC016 - Overview

• Message type: E = Error

• Message class: FINS_REV_REC - Event Based revenue recognition

• Message number: 016

• Message text: Maintain plan revenues suitable for &2 using revenue recogn. method '&1'

What causes this issue?

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

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 revenues for the quoted object.
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".

Procedure for System Administrators

Error message extract from SAP system. Copyright SAP SE.

FINS_REV_REC016 - Details

• The SAP error message FINS_REV_REC016 indicates that there is an issue with the configuration of plan revenues in relation to the revenue recognition method being used. This error typically arises in the context of revenue recognition in SAP, particularly when dealing with projects or contracts that require specific revenue recognition rules.
  
  Cause:
  The error message is triggered when:
  
  The revenue recognition method specified (indicated by &1) does not have a corresponding plan revenue set up for the specified object (indicated by &2).
  The system is unable to find the necessary configuration or data that links the revenue recognition method to the plan revenues for the specified object.
  
  
  Solution:
  To resolve this error, you can follow these steps:
  
  
  Check Revenue Recognition Method:
  
  Go to the configuration settings for revenue recognition methods in SAP (Transaction code: OKEV or similar).
  Verify that the revenue recognition method &1 is correctly configured and is intended for use with the specified object type.
  
  
  
  Maintain Plan Revenues:
  
  Navigate