How To Fix GLE_MCA706 - Only Open Item Managed GL Accounts are allowed for Valuation

SAP Error Message - Details

• Message type: E = Error

• Message class: GLE_MCA - Multicurrency Accounting

• Message number: 706

• Message text: Only Open Item Managed GL Accounts are allowed for Valuation

Self-Explanatory Message

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Smart SAP Assistant

• What is the cause and solution for SAP error message GLE_MCA706 - Only Open Item Managed GL Accounts are allowed for Valuation ?

  The SAP error message GLE_MCA706 indicates that you are trying to perform a valuation on a General Ledger (GL) account that is not set up to be managed as an open item. This error typically arises in the context of financial accounting when you attempt to execute a transaction that requires open item management for a GL account that is not configured that way.
  Cause:
  
  Account Configuration: The GL account you are trying to use for valuation is not set up as an open item managed account. Open item management is a feature that allows for the tracking of outstanding items in accounts, which is essential for certain types of financial transactions.
  Transaction Type: The transaction you are attempting to execute requires the GL account to be open item managed, but the account is configured as a balance sheet account without this feature.
  
  Solution:
  To resolve this error, you can take the following steps:
  
  
  Check Account Configuration:
  
  Go to the transaction code FS00 (G/L Account Master Record) in SAP.
  Enter the GL account number and the company code.
  Check the settings under the "Control Data" tab.
  Ensure that the "Open Item Management" checkbox is selected if the account should be managed as an open item.
  
  
  
  Change Account Settings:
  
  If the account needs to be open item managed, you may need to change the account settings. However, note that changing the open item management status of an existing account can have implications on historical data and should be done with caution.
  If the account should not be open item managed, ensure that you are using the correct account for the transaction you are trying to perform.
  
  
  
  Consult with Finance Team:
  
  If you are unsure about the implications of changing the account settings, consult with your finance team or SAP consultant to ensure that the changes align with your organization's accounting policies.
  
  
  
  Review Transaction:
  
  Ensure that the transaction you are trying to execute is appropriate for the type of GL account you are using. If the transaction requires an open item managed account, you may need to select a different account that meets this requirement.
  
  
  
  Related Information:
  
  Open Item Management: This is a feature in SAP that allows for the tracking of items that are still outstanding in accounts. It is commonly used for accounts receivable and accounts payable.
  GL Account Types: Understand the different types of GL accounts (e.g., balance sheet accounts, income statement accounts) and their configurations in SAP.
  SAP Documentation: Refer to SAP Help documentation for more detailed information on GL account management and error messages.
  
  By following these steps, you should be able to resolve the GLE_MCA706 error and proceed with your financial transactions in SAP.