How To Fix FINS_REV_REC071 - Select detail will start minimal event based revenue recognition

FINS_REV_REC071 - Overview

• Message type: E = Error

• Message class: FINS_REV_REC - Event Based revenue recognition

• Message number: 071

• Message text: Select detail will start minimal event based revenue recognition

What causes this issue?

If the <LS>Detail</> function is selected, a minimal revenue recognition
will be executed. Before you execute revenue recognition, you should
attempt to resolve any error situations. Error situations may occur in
the following cases:
If an error occurs in revenue recognition calculation during real-time
processing of a reference document, the journal entry for the reference
document is created but not the subsequent revenue recognition document.
Instead, an entry is added to the log. This enables the revenue
recognition part to be processed later. When revenue recognition is then
processed, the subsequent revenue recognition document for the journal
entry for the reference document will be created.
A minimal revenue recognition will attempt to calculate as much as
possible and omit those parts which cannot be calculated. However, there
is a minimum scope which must be calculated. The omitted parts are
captured by the period end closing run in some general way.

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?

Procedure for System Administrators

Error message extract from SAP system. Copyright SAP SE.

FINS_REV_REC071 - Details

• The SAP error message FINS_REV_REC071 typically relates to the revenue recognition process in SAP, particularly in the context of event-based revenue recognition. This error indicates that the system is set to start minimal event-based revenue recognition, which may not align with the expected configuration or data setup.
  
  Cause:
  
  
  Configuration Issues: The revenue recognition settings in the system may not be properly configured. This could include settings related to the revenue recognition method, event types, or the overall revenue recognition process.
  Missing Data: There may be missing or incomplete data in the relevant documents (e.g., sales orders, contracts) that are required for the revenue recognition process.
  Incompatibility: The system may be trying to process a document that is not compatible with the current revenue recognition settings or methods.
  Event-Based Recognition Settings: The system is configured to use minimal event-based revenue recognition, which may not be suitable for the specific transaction or document being processed.
  
  
  Solution:
  
  
  Check Configuration: Review