How To Fix FV071 - Closing balance not correct

SAP Error Message - Details

• Message type: E = Error

• Message class: FV - Electronic Banking Messages

• Message number: 071

• Message text: Closing balance not correct

What causes this issue?

The entered closing balance &V1& does not match the closing 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.

Smart SAP Assistant

• What is the cause and solution for SAP error message FV071 - Closing balance not correct ?

  The SAP error message FV071 ("Closing balance not correct") typically occurs during the execution of financial transactions, particularly in the context of asset accounting. This error indicates that the closing balance of an asset does not match the expected value based on the transactions that have been processed.
  Causes of FV071 Error
  
  
  Incorrect Configuration: The asset accounting configuration may not be set up correctly, leading to discrepancies in the closing balance.
  
  
  Missing Transactions: There may be missing or unposted transactions that affect the asset's value, such as acquisitions, retirements, or adjustments.
  
  
  Posting Period Issues: The posting period may be closed, preventing new transactions from being recorded, which can lead to inconsistencies in the balance.
  
  
  Manual Adjustments: Manual adjustments or corrections made to the asset values may not have been properly reflected in the system.
  
  
  Data Consistency Issues: There may be inconsistencies in the data due to system errors, data migration issues, or incorrect manual entries.
  
  
  Solutions to FV071 Error
  
  
  Check Asset Transactions: Review all transactions related to the asset in question. Ensure that all acquisitions, retirements, and adjustments have been posted correctly.
  
  
  Verify Configuration: Check the configuration settings in the Asset Accounting module to ensure they are set up correctly. This includes checking the asset classes, depreciation areas, and other related settings.
  
  
  Open Posting Periods: Ensure that the relevant posting periods are open. If necessary, open the periods to allow for posting of any missing transactions.
  
  
  Run Consistency Checks: Use SAP's built-in tools to run consistency checks on the asset accounting data. This can help identify any discrepancies or issues that need to be resolved.
  
  
  Recalculate Depreciation: If there are discrepancies, consider recalculating the depreciation for the asset. This can often resolve issues related to incorrect balances.
  
  
  Consult Documentation: Refer to SAP documentation or help resources for specific guidance related to the FV071 error. This may provide additional insights or troubleshooting steps.
  
  
  Contact SAP Support: If the issue persists after trying the above solutions, consider reaching out to SAP support for further assistance. They may have additional tools or insights to help resolve the issue.
  
  
  Related Information
  
  
  Transaction Codes: Familiarize yourself with relevant transaction codes such as AS03 (Display Asset), AS02 (Change Asset), and AW01N (Asset Explorer) to review asset details and transactions.
  
  
  SAP Notes: Check for any SAP Notes related to the FV071 error, as these may provide specific fixes or patches that address known issues.
  
  
  User Forums: Engage with SAP user communities or forums where similar issues may have been discussed. Other users may have encountered the same error and can share their solutions.
  
  
  By following these steps, you should be able to identify the cause of the FV071 error and implement a solution to correct the closing balance issue.