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

FINS_REV_REC074 - Overview

• 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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To make things easier, more detailed information is frequently added to describe the issue, how to fix it, and the necessary steps or configuration modifications.

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FINS_REV_REC074 - Details

• 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