How To Fix FINS_REV_REC017 - Maintain planned labour suitable for &2 using revenue recogn. method '&1'

FINS_REV_REC017 - Overview

• Message type: E = Error

• Message class: FINS_REV_REC - Event Based revenue recognition

• Message number: 017

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

What causes this issue?

The method which is used for revenue recognition needs planned working
hours in order to function.
Example
The labor (working hours) based percentage-of-completion (POC) method
for an item with a fix price agreement would calculate
POC = actual labor / plan labor
Recognized revenue = POC * plan revenue
Without plan labor the labor 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 planned working hours for the quoted object.
Public Cloud
The app "Plan Customer Projects" will create plan labor for customer
projects if you plan labor 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_REC017 - Details

• The SAP error message FINS_REV_REC017 indicates that there is an issue with the planned labor in relation to the revenue recognition method being used. This error typically arises in the context of project accounting or revenue recognition processes, particularly when dealing with planned costs and revenues in SAP.
  
  Cause:
  The error message is triggered when the system detects that the planned labor for a specific project or service is not maintained correctly or is missing for the specified revenue recognition method. This can happen due to several reasons, including:
  
  Missing Planned Labor: The planned labor for the project or service is not defined in the system.
  Incompatible Revenue Recognition Method: The revenue recognition method being used does not support the current configuration of planned labor.
  
  Configuration Issues: There may be configuration issues in the revenue recognition settings or in the project definition.
  Data Inconsistencies: There could be inconsistencies in the data entered for the project or