How To Fix FV070 - Opening balance not correct

SAP Error Message - Details

• Message type: E = Error

• Message class: FV - Electronic Banking Messages

• Message number: 070

• Message text: Opening balance not correct

What causes this issue?

The entered opening balance &V1& does not match the opening balance
&V2& specified when creating the account statement.

How to fix this error?

Leave the field empty or enter the value &V2&.

Error message extract from SAP system. Copyright SAP SE.

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• What is the cause and solution for SAP error message FV070 - Opening balance not correct ?

  The SAP error message FV070, which states "Opening balance not correct," typically occurs in the context of financial accounting when there is a discrepancy in the opening balance of a financial statement or account. This error can arise due to various reasons, and addressing it requires a systematic approach. Here’s a breakdown of the potential causes, solutions, and related information:
  Causes of FV070 Error
  
  
  Incorrect Opening Balance: The opening balance for the fiscal year may not match the closing balance from the previous year. This can happen if there were adjustments made after the year-end closing.
  
  
  Posting Errors: Transactions may have been posted incorrectly, leading to discrepancies in the balances.
  
  
  Missing Transactions: Some transactions that should have been included in the previous period may not have been posted, affecting the opening balance.
  
  
  Configuration Issues: Incorrect configuration in the financial settings or account settings can lead to discrepancies in balances.
  
  
  Data Migration Issues: If data was migrated from another system, there may be inconsistencies in the opening balances due to incorrect data transfer.
  
  
  Currency Translation Issues: If the company operates in multiple currencies, issues with currency conversion can lead to discrepancies in balances.
  
  
  Solutions to FV070 Error
  
  
  Verify Opening Balances: Check the opening balances in the relevant accounts and ensure they match the closing balances from the previous fiscal year.
  
  
  Review Transactions: Audit the transactions posted in the previous fiscal year to ensure that all necessary entries were made and that there are no posting errors.
  
  
  Adjust Balances: If discrepancies are found, make necessary adjustments to correct the opening balances. This may involve posting adjustment entries.
  
  
  Check Configuration: Review the configuration settings in the financial module to ensure they are set up correctly.
  
  
  Reconcile Accounts: Perform a reconciliation of the accounts to identify any discrepancies and resolve them.
  
  
  Consult Documentation: Refer to SAP documentation or help resources for specific guidance on handling the FV070 error.
  
  
  Seek Help from SAP Support: If the issue persists, consider reaching out to SAP support for assistance, especially if it involves complex configurations or data issues.
  
  
  Related Information
  
  
  Transaction Codes: Familiarize yourself with relevant transaction codes such as FBL3N (Display G/L Account Line Items) and FS00 (G/L Account Master Data) to help investigate the issue.
  
  
  Financial Closing Procedures: Understand the financial closing procedures in SAP to ensure that all necessary steps are followed at the end of the fiscal year.
  
  
  User Roles and Authorizations: Ensure that users have the appropriate roles and authorizations to view and modify financial data.
  
  
  Documentation and Training: Keep documentation updated and provide training to users on proper posting procedures and financial management in SAP.
  
  
  By systematically addressing the potential causes and implementing the suggested solutions, you should be able to resolve the FV070 error and ensure that your opening balances are correct.