How To Fix FINS_REV_REC074 - Accounting Principle &1 does not exist in Company Code &2

SAP Error Message - Details

• Message type: E = Error

• Message class: FINS_REV_REC - Event Based revenue recognition

• Message number: 074

• Message text: Accounting Principle &1 does not exist in Company Code &2

Self-Explanatory Message

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Smart SAP Assistant

• What is the cause and solution for SAP error message FINS_REV_REC074 - Accounting Principle &1 does not exist in Company Code &2 ?

  The SAP error message FINS_REV_REC074 indicates that the accounting principle specified in the transaction does not exist for the given company code. This error typically arises in the context of revenue recognition and accounting principles configuration.
  Cause:
  
  Missing Accounting Principle: The accounting principle you are trying to use is not defined in the system for the specified company code.
  Incorrect Configuration: The configuration settings for the accounting principles may not have been set up correctly in the system.
  Data Entry Error: There may be a typographical error in the accounting principle or company code entered in the transaction.
  
  Solution:
  
  
  Check Configuration:
  
  Go to the configuration settings in SAP (Transaction Code: SPRO).
  Navigate to Financial Accounting (New) > Financial Accounting Global Settings (New) > Define Accounting Principles.
  Ensure that the accounting principle you are trying to use is defined for the relevant company code.
  
  
  
  Add Missing Accounting Principle:
  
  If the accounting principle does not exist, you may need to create it. This involves defining the accounting principle and linking it to the appropriate company code.
  
  
  
  Verify Company Code:
  
  Ensure that the company code you are using is correct and that it is properly configured to use the accounting principles you need.
  
  
  
  Check User Input:
  
  Review the input data for any typographical errors in the accounting principle or company code.
  
  
  
  Consult Documentation:
  
  Refer to SAP documentation or help resources for specific details on how to configure accounting principles and ensure compliance with your organization's accounting policies.
  
  
  
  Related Information:
  
  Transaction Codes: Familiarize yourself with relevant transaction codes such as SPRO (for configuration), OBY6 (for company code settings), and OBA7 (for accounting principles).
  SAP Notes: Check SAP Notes for any known issues or updates related to this error message.
  User Roles and Authorizations: Ensure that you have the necessary authorizations to view and modify accounting principles and company code settings.
  
  If the issue persists after following these steps, it may be beneficial to consult with your SAP support team or a functional consultant who specializes in financial accounting within SAP.