How To Fix FV058 - Beginning balance does not match prior ending balance $

SAP Error Message - Details

• Message type: E = Error

• Message class: FV - Electronic Banking Messages

• Message number: 058

• Message text: Beginning balance does not match prior ending balance $

What causes this issue?

The beginning balance from bank statement &V2& does not match the
ending balance &V1& from statement &V3& &V4&.

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?

Check your entry.

Error message extract from SAP system. Copyright SAP SE.

Smart SAP Assistant

• What is the cause and solution for SAP error message FV058 - Beginning balance does not match prior ending balance $ ?

  The SAP error message FV058 ("Beginning balance does not match prior ending balance") typically occurs in the context of financial accounting, particularly when dealing with the posting of documents in the General Ledger (G/L) or when performing year-end closing activities. This error indicates a discrepancy between the beginning balance of a financial period and the ending balance from the previous period.
  Causes:
  
  Incorrect Posting: There may have been incorrect postings made in the previous period that did not properly reflect the ending balance.
  Missing Transactions: Some transactions that should have been posted in the previous period may have been omitted.
  Manual Adjustments: Manual adjustments or corrections made to the balances may not have been properly recorded.
  Data Migration Issues: If data was migrated from another system, there may have been errors in the data transfer that affected the balances.
  Configuration Issues: Incorrect configuration settings in the financial module can lead to discrepancies in balances.
  
  Solutions:
  
  Review Previous Period Transactions: Check the postings made in the previous period to ensure that all transactions are correctly recorded and that there are no missing entries.
  Reconcile Balances: Perform a reconciliation of the balances to identify any discrepancies. This may involve comparing the G/L accounts with subsidiary ledgers or external records.
  Adjustments: If discrepancies are found, make the necessary adjustments to correct the balances. This may involve posting correcting entries.
  Check Configuration: Review the configuration settings in the financial module to ensure they are set up correctly for your business processes.
  Consult Documentation: Refer to SAP documentation or help resources for specific guidance on handling this error in your version of SAP.
  Seek Help from SAP Support: If the issue persists and cannot be resolved internally, consider reaching out to SAP support for assistance.
  
  Related Information:
  
  Transaction Codes: Familiarize yourself with relevant transaction codes such as FB03 (Display Document), FBL3N (G/L Account Line Items), and F.01 (Financial Statements) to help analyze the issue.
  Audit Trail: Utilize the audit trail features in SAP to track changes made to financial documents and identify any anomalies.
  Year-End Closing Procedures: Ensure that you are following the correct year-end closing procedures as outlined in your organization's financial policies.
  
  By addressing the underlying causes and following the suggested solutions, you should be able to resolve the FV058 error and ensure that your financial balances are accurate.