How To Fix GI262 - Retained earnings account & is not supported in chart of accounts &

SAP Error Message - Details

• Message type: E = Error

• Message class: GI - FI-SL update

• Message number: 262

• Message text: Retained earnings account & is not supported in chart of accounts &

Self-Explanatory Message

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Smart SAP Assistant

• What is the cause and solution for SAP error message GI262 - Retained earnings account & is not supported in chart of accounts & ?

  The SAP error message GI262 indicates that there is an issue with the retained earnings account in the context of the chart of accounts (CoA) configuration. This error typically arises when the system is unable to recognize or process the retained earnings account due to configuration issues.
  Cause:
  
  Incorrect Configuration: The retained earnings account may not be properly configured in the chart of accounts. This can happen if the account is not assigned to the correct CoA or if it is not marked as a retained earnings account.
  Missing Account: The retained earnings account may not exist in the specified chart of accounts.
  Account Type Issues: The account type for the retained earnings account may not be set correctly, or it may not be compatible with the settings in the CoA.
  Company Code Issues: The company code may not be properly linked to the chart of accounts that contains the retained earnings account.
  
  Solution:
  
  
  Check Chart of Accounts Configuration:
  
  Go to the transaction code OBY6 (or use the menu path: SPRO > Financial Accounting > General Ledger > Master Data > G/L Accounts > Prepare G/L Accounts for Posting).
  Ensure that the retained earnings account is correctly defined in the chart of accounts you are using.
  
  
  
  Verify Account Assignment:
  
  Check if the retained earnings account is assigned to the correct company code and chart of accounts.
  Use transaction code FS00 to display the account and verify its settings.
  
  
  
  Account Type Verification:
  
  Ensure that the account type for the retained earnings account is set to "Equity" or the appropriate type that aligns with your financial structure.
  
  
  
  Check Company Code Settings:
  
  Ensure that the company code is correctly linked to the chart of accounts that contains the retained earnings account.
  Use transaction code OBY1 to check the assignment of the company code to the chart of accounts.
  
  
  
  Consult Documentation:
  
  Review SAP documentation or consult with your SAP support team for specific guidelines related to your version of SAP and the configuration of retained earnings accounts.
  
  
  
  Related Information:
  
  Retained Earnings Account: This account is used to accumulate the profits or losses of a company that are retained in the business rather than distributed to shareholders.
  Chart of Accounts (CoA): A structured list of an organization’s accounts, which is used to organize financial transactions and reporting.
  Transaction Codes: Familiarize yourself with relevant transaction codes such as FS00 (G/L Account Master Record), OBY1 (Assign Company Code to Chart of Accounts), and OBY6 (Define Chart of Accounts).
  
  If the issue persists after checking these configurations, it may be beneficial to consult with an SAP expert or your internal IT support team for further assistance.