How To Fix FINS_REV_REC032 - RA key &1 is not customized for event based revenue recognition

SAP Error Message - Details

• Message type: E = Error

• Message class: FINS_REV_REC - Event Based revenue recognition

• Message number: 032

• Message text: RA key &1 is not customized for event based revenue recognition

What causes this issue?

The quoted results analysis key is either not defined in the value table
for results analysis keys or it is not flagged for being used by event
based revenue recognition.

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?

You may check whether the correct results analysis key is assigned to
the object for which event based revenue recognition is processed or you
contact your system administrator.

Procedure for System Administrators

The system administrator may check the customizing for the quoted
results analysis key.

Error message extract from SAP system. Copyright SAP SE.

Smart SAP Assistant

• What is the cause and solution for SAP error message FINS_REV_REC032 - RA key &1 is not customized for event based revenue recognition ?

  The SAP error message FINS_REV_REC032 indicates that the Revenue Accounting (RA) key specified in the error message is not properly customized for event-based revenue recognition. This typically occurs in the context of SAP's Revenue Accounting and Reporting (RAR) module, which is used for managing revenue recognition in compliance with accounting standards.
  Cause:
  
  Missing Customization: The RA key you are trying to use has not been configured for event-based revenue recognition in the system.
  Incorrect Configuration: The configuration settings for the RA key may be incomplete or incorrect, leading to the system not recognizing it for the specified event.
  Inconsistent Data: There may be inconsistencies in the data related to the RA key, such as missing entries in the relevant configuration tables.
  
  Solution:
  To resolve this error, you can follow these steps:
  
  
  Check Customization:
  
  Go to the configuration settings for Revenue Accounting in SAP.
  Navigate to the path: SPRO > Financial Accounting > Revenue Accounting and Reporting > Customizing > Define RA Keys.
  Ensure that the RA key in question is properly set up for event-based revenue recognition.
  
  
  
  Configure Event-Based Revenue Recognition:
  
  If the RA key is not configured for event-based revenue recognition, you will need to customize it.
  Ensure that the necessary settings for event-based revenue recognition are activated for the RA key.
  
  
  
  Review Related Settings:
  
  Check if there are any dependencies or related settings that need to be configured for the RA key.
  Ensure that all relevant master data and transaction data are correctly set up.
  
  
  
  Testing:
  
  After making the necessary changes, perform a test to ensure that the error no longer occurs.
  Create a test transaction using the RA key to verify that event-based revenue recognition works as expected.
  
  
  
  Consult Documentation:
  
  Refer to SAP documentation or help guides for detailed instructions on configuring revenue recognition keys and event-based revenue recognition.
  
  
  
  Seek Help from SAP Support:
  
  If you are unable to resolve the issue, consider reaching out to SAP support or consulting with an SAP expert who specializes in Revenue Accounting.
  
  
  
  Related Information:
  
  Event-Based Revenue Recognition: This method allows for revenue to be recognized based on specific events or milestones rather than over time. It is essential for compliance with accounting standards such as IFRS 15 or ASC 606.
  RA Key: The RA key is a critical component in the revenue recognition process, determining how revenue is recognized for specific transactions.
  SAP Notes: Check for any relevant SAP Notes that may address known issues or provide additional guidance related to this error message.
  
  By following these steps, you should be able to resolve the FINS_REV_REC032 error and ensure that your RA key is properly configured for event-based revenue recognition.