How To Fix FR488 - Specify valid company code and fiscal year

SAP Error Message - Details

• Message type: E = Error

• Message class: FR - Messages for FI Reporting

• Message number: 488

• Message text: Specify valid company code and fiscal year

What causes this issue?

The line item contains several withholding tax items; some with
withholding tax posted at the time of the invoice, others with
withholding tax posted at the time of payment.

System Response

The line item cannot be processed.

How to fix this error?

Restrict your data selection to withholding tax categories that are all
posted at the time of the invoice or all at the time of the payment.

Procedure for System Administrators

The system issues an error message and will not allow you to continue with this transaction until the error is resolved.

Error message extract from SAP system. Copyright SAP SE.

Smart SAP Assistant

• What is the cause and solution for SAP error message FR488 - Specify valid company code and fiscal year ?

  The SAP error message FR488 ("Specify valid company code and fiscal year") typically occurs when a user attempts to execute a financial transaction or report that requires a valid company code and fiscal year, but the system cannot find the specified values. Here’s a breakdown of the cause, potential solutions, and related information:
  Cause:
  
  Invalid Company Code: The company code entered may not exist in the system or may not be properly configured.
  Invalid Fiscal Year: The fiscal year specified may not be open or valid for the selected company code.
  Authorization Issues: The user may not have the necessary authorizations to access the specified company code or fiscal year.
  Data Entry Errors: There may be typographical errors in the company code or fiscal year fields.
  
  Solutions:
  
  
  Check Company Code:
  
  Verify that the company code you are entering is correct and exists in the system. You can check this in the SAP transaction code OBY6 (for company code settings).
  
  
  
  Check Fiscal Year:
  
  Ensure that the fiscal year you are trying to use is open for the specified company code. You can check this in the transaction code OB52 (for fiscal year settings).
  If the fiscal year is closed, you may need to open it or select a different fiscal year that is open.
  
  
  
  Review User Authorizations:
  
  Ensure that you have the necessary authorizations to access the specified company code and fiscal year. You may need to contact your SAP security administrator for assistance.
  
  
  
  Correct Data Entry:
  
  Double-check the entries for any typographical errors. Ensure that the company code and fiscal year are entered correctly.
  
  
  
  Consult Documentation:
  
  If you are unsure about the configuration or settings, refer to your organization's SAP documentation or consult with your SAP support team.
  
  
  
  Related Information:
  
  Transaction Codes:
  
  OBY6: Company Code Configuration
  OB52: Fiscal Year Variant Configuration
  
  
  SAP Notes: Check SAP Notes for any known issues or patches related to this error message.
  User Roles: Review the roles assigned to the user to ensure they have the necessary permissions for the transactions being executed.
  
  By following these steps, you should be able to resolve the FR488 error and proceed with your financial transactions in SAP. If the issue persists, consider reaching out to your SAP support team for further assistance.