How To Fix ICC-FI005 - Local currency used for item (&1) is incorrect

SAP Error Message - Details

• Message type: E = Error

• Message class: ICC-FI - Dunning (Sweden)

• Message number: 005

• Message text: Local currency used for item (&1) is incorrect

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.

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Smart SAP Assistant

• What is the cause and solution for SAP error message ICC-FI005 - Local currency used for item (&1) is incorrect ?

  The SAP error message ICC-FI005 indicates that there is an issue with the local currency used for a specific item in a financial transaction. This error typically arises when the currency specified for a line item does not match the expected local currency settings in the system.
  Cause:
  
  Incorrect Currency Configuration: The local currency for the item may not be set up correctly in the system.
  Master Data Issues: The master data for the vendor, customer, or material may have an incorrect currency assigned.
  Transaction Currency Mismatch: The currency used in the transaction does not match the local currency defined in the company code or the relevant financial document.
  Currency Type Settings: The currency type settings in the configuration may not align with the transaction being processed.
  
  Solution:
  
  
  Check Company Code Settings: Verify that the local currency for the company code is correctly defined in the configuration. You can do this by navigating to:
  
  Transaction Code: OB22
  Ensure that the local currency is set correctly for the relevant company code.
  
  
  
  Review Master Data: Check the master data for the relevant vendor, customer, or material to ensure that the currency is set correctly. You can do this by:
  
  Transaction Codes: 
  
  For Vendor: XK03
  For Customer: XD03
  For Material: MM03
  
  
  Ensure that the currency matches the local currency of the company code.
  
  
  
  Examine the Transaction: Look at the specific transaction that is causing the error. Ensure that the currency used in the transaction matches the local currency defined for the company code.
  
  
  Adjust Currency Type Settings: If necessary, review the currency type settings in the configuration to ensure they are appropriate for the transactions being processed.
  
  
  Consult Documentation: If the issue persists, refer to SAP documentation or consult with your SAP support team for further troubleshooting.
  
  
  Related Information:
  
  Transaction Codes: Familiarize yourself with relevant transaction codes such as OB22 (for company code currency settings), XK03 (for vendor master data), XD03 (for customer master data), and MM03 (for material master data).
  SAP Notes: Check SAP Notes for any known issues or patches related to this error message.
  User Roles and Authorizations: Ensure that you have the necessary authorizations to view and modify the relevant settings and master data.
  
  By following these steps, you should be able to identify and resolve the cause of the ICC-FI005 error in SAP.