How To Fix FY034 - Settlement account for receipt point & institution & not defined

SAP Error Message - Details

• Message type: E = Error

• Message class: FY - Payment Cards

• Message number: 034

• Message text: Settlement account for receipt point & institution & not defined

What causes this issue?

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

System Response

How to fix this error?

Define the settlement account for the point of receipt (location) &V1&
and the payment card company &V2& in chart of accounts &V3&.
(Maintenance: Transaction SM30, View V_TCCAD)

Error message extract from SAP system. Copyright SAP SE.

Smart SAP Assistant

• What is the cause and solution for SAP error message FY034 - Settlement account for receipt point & institution & not defined ?

  The SAP error message FY034 indicates that there is a missing configuration for the settlement account associated with a specific receipt point and institution. This error typically arises in the context of financial transactions, particularly in modules related to asset accounting or financial accounting.
  Cause:
  The error occurs when the system attempts to process a transaction that requires a settlement account, but the account has not been defined for the specified receipt point and institution. This can happen due to:
  
  Missing Configuration: The settlement account has not been set up in the system for the specified receipt point and institution.
  Incorrect Receipt Point: The receipt point being used in the transaction may not be correctly configured or may not exist in the system.
  Institution Not Defined: The institution associated with the transaction may not be properly defined in the system.
  
  Solution:
  To resolve the FY034 error, you can follow these steps:
  
  
  Check Configuration:
  
  Go to the configuration settings in SAP for the relevant module (e.g., Asset Accounting).
  Navigate to the section where settlement accounts are defined (e.g., transaction code OAOA for Asset Accounting).
  Ensure that the settlement account is defined for the specific receipt point and institution.
  
  
  
  Define Settlement Account:
  
  If the settlement account is missing, you will need to create it. This typically involves:
  
  Specifying the receipt point.
  Specifying the institution.
  Assigning the appropriate general ledger (G/L) account for settlement.
  
  
  
  
  
  Verify Receipt Point and Institution:
  
  Ensure that the receipt point and institution being used in the transaction are valid and correctly configured in the system.
  Check for any typos or discrepancies in the receipt point or institution codes.
  
  
  
  Test the Configuration:
  
  After making the necessary changes, test the transaction again to ensure that the error is resolved.
  
  
  
  Consult Documentation:
  
  If you are unsure about the configuration steps, refer to SAP documentation or consult with your SAP support team for guidance.
  
  
  
  Related Information:
  
  Transaction Codes: Familiarize yourself with relevant transaction codes such as OAOA (for Asset Accounting) or other related codes depending on the module you are working with.
  SAP Notes: Check SAP Notes for any known issues or additional guidance related to the FY034 error.
  User Roles: Ensure that you have the necessary permissions to make changes to the configuration settings in SAP.
  
  By following these steps, you should be able to resolve the FY034 error and ensure that the settlement account is properly defined for the receipt point and institution in question.