How To Fix GN001 - Assets not equal to liablities/equity

GN001 - Overview

• Message type: E = Error

• Message class: GN - SAP Consolidation: Message Texts for Validations

• Message number: 001

• Message text: Assets not equal to liablities/equity

Self-Explanatory Message

Since SAP believes that this specific error message is 'self-explanatory,' no more information has been given.The majority of messages in the SAP system have a message text, however this is frequently insufficient to comprehend or resolve the problem.

To make things easier, more detailed information is frequently added to describe the issue, how to fix it, and the necessary steps or configuration modifications.

Unfortunately, there isn't any extra information in this error notice.

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Smart SAP Assistant

• What is the cause and solution for SAP error message GN001 - Assets not equal to liablities/equity ?

  The SAP error message GN001, which states "Assets not equal to liabilities/equity," typically occurs during the financial closing process or when running reports that require the balance sheet to be in equilibrium. This error indicates that the total assets do not match the total liabilities and equity, which is a fundamental principle of accounting.
  Causes:
  
  Data Entry Errors: Incorrect entries in asset, liability, or equity accounts can lead to discrepancies.
  Unposted Transactions: Transactions that have not been posted or have been posted incorrectly can cause imbalances.
  Currency Translation Issues: If there are foreign currency transactions, discrepancies may arise from incorrect currency conversion.
  Incorrect Configuration: Issues with the configuration of the chart of accounts or financial statement versions can lead to miscalculations.
  Missing or Incorrect Adjustments: Year-end adjustments or corrections that have not been made can result in imbalances.
  Reconciliation Issues: Accounts that have not been reconciled properly may show discrepancies.
  
  Solutions:
  
  Review Transactions: Check all asset, liability, and equity