How To Fix FINS_REV_REC101 - On object &1 with status 'closed' postings are utterly impossible

SAP Error Message - Details

• Message type: E = Error

• Message class: FINS_REV_REC - Event Based revenue recognition

• Message number: 101

• Message text: On object &1 with status 'closed' postings are utterly impossible

Self-Explanatory Message

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Smart SAP Assistant

• What is the cause and solution for SAP error message FINS_REV_REC101 - On object &1 with status 'closed' postings are utterly impossible ?

  The SAP error message FINS_REV_REC101 indicates that there is an issue with posting to a closed object in the context of revenue recognition. This error typically arises when you attempt to post a transaction to a revenue recognition object (like a project or contract) that has already been marked as "closed." 
  Cause:
  
  Closed Status: The primary cause of this error is that the object (e.g., project, contract, or order) has been closed, meaning that no further postings can be made to it. This is often done to prevent any changes to financial data after a certain point in time, such as the end of a fiscal period.
  Incorrect Posting Attempt: You may be trying to post a transaction that should not be posted to a closed object, such as adjustments or corrections.
  
  Solution:
  
  Check Object Status: Verify the status of the object you are trying to post to. If it is indeed closed, you will need to determine if it can be reopened or if the posting should be made to a different object.
  Reopen the Object: If it is necessary to make a posting to this object, you may need to reopen it. This typically requires specific authorizations and should be done with caution, as it can affect financial reporting.
  Post to an Open Object: If reopening is not an option, consider posting the transaction to a different, open object that is appropriate for the type of transaction you are trying to record.
  Consult Documentation: Review the relevant SAP documentation or consult with your SAP support team for specific procedures related to your organization's policies on closing and reopening objects.
  
  Related Information:
  
  Transaction Codes: Familiarize yourself with transaction codes related to revenue recognition and project management, such as CJ20N (Project Builder) or CJI3 (Project Actual Line Items).
  Authorization: Ensure that you have the necessary authorizations to make changes to the status of the object or to post transactions.
  SAP Notes: Check for any relevant SAP Notes that may provide additional insights or updates regarding this error message.
  Consult with Finance Team: Engage with your finance or accounting team to understand the implications of reopening closed objects and to ensure compliance with financial policies.
  
  By following these steps, you should be able to address the FINS_REV_REC101 error effectively.