How To Fix FINS_REV_REC042 - Please maintain rule for company code &1 and accounting principle &2

FINS_REV_REC042 - Overview

• Message type: E = Error

• Message class: FINS_REV_REC - Event Based revenue recognition

• Message number: 042

• Message text: Please maintain rule for company code &1 and accounting principle &2

What causes this issue?

In the customizing of event based revenue recognition there is no
document type and financial statement version defined for the quoted
parameter set.

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 event based revenue recognition for this object should be
processed at all<(>,<)>
check whether the accounting principle for which the processing is
requested is properly chosen<(>,<)>
or contact your system administrator.

Procedure for System Administrators

The system administrator may check and correct the customizing of event
based revenue recognition for the quoted parameter set.

Error message extract from SAP system. Copyright SAP SE.

FINS_REV_REC042 - Details

• The SAP error message FINS_REV_REC042 indicates that there is a missing revenue recognition rule for a specific company code and accounting principle. This error typically arises in the context of revenue recognition processes, particularly when using the SAP Revenue Accounting and Reporting (RAR) module or similar functionalities.
  
  Cause:
  The error occurs when:
  
  There is no defined revenue recognition rule for the specified company code (&1) and accounting principle (&2).
  The system is trying to process a transaction that requires a revenue recognition rule, but it cannot find one that matches the criteria.
  
  
  Solution:
  To resolve this error, you need to maintain the revenue recognition rules in the system. Here are the steps to do so:
  
  
  Access the Configuration:
  
  Go to the SAP Easy Access screen.
  Navigate to the following path: SPRO -> SAP Reference IMG -> Financial Accounting (New) -> Revenue Recognition -> Define Revenue Recognition Rules
  
  
  
  
  Define the Rule:
  
  In the configuration screen, you will need to create or modify