How To Fix IF116 - Currency and valuation type for object &1 does not exist

SAP Error Message - Details

• Message type: E = Error

• Message class: IF - Messages re interest accounting in PS/CO/IM

• Message number: 116

• Message text: Currency and valuation type for object &1 does not exist

What causes this issue?

The combination of currency type &V2& and valuation category &V3& does
not exist for object &V1&.

System Response

Interest update/cancelation stopped.

How to fix this error?

Maintain the combination of currency type &V2& and valuation category
&V3& in table tcval.

Error message extract from SAP system. Copyright SAP SE.

Smart SAP Assistant

• What is the cause and solution for SAP error message IF116 - Currency and valuation type for object &1 does not exist ?

  The SAP error message IF116 ("Currency and valuation type for object &1 does not exist") typically occurs in the context of Asset Accounting (FI-AA) when the system is unable to find a valid currency and valuation type combination for a specific asset or object. This can happen during various transactions, such as asset postings, transfers, or when trying to display asset information.
  Causes:
  
  Missing Configuration: The currency and valuation type for the asset class or specific asset may not be configured in the system.
  Incorrect Asset Class: The asset class assigned to the asset may not have the necessary currency and valuation type settings.
  Data Inconsistency: There may be inconsistencies in the master data for the asset, such as missing or incorrect entries in the asset master record.
  Valuation Area Issues: The valuation area may not be properly defined or linked to the asset class.
  
  Solutions:
  
  
  Check Asset Class Configuration:
  
  Go to the configuration settings for Asset Accounting (Transaction code: OAOA).
  Verify that the asset class has the correct currency and valuation type settings.
  
  
  
  Review Asset Master Data:
  
  Use transaction code AS03 to display the asset master record.
  Check if the currency and valuation type fields are populated correctly.
  
  
  
  Define Valuation Types:
  
  Ensure that the valuation types are defined for the relevant asset class. This can be done in the configuration settings under Asset Accounting.
  
  
  
  Check Valuation Area Settings:
  
  Ensure that the valuation area is correctly set up and linked to the asset class. This can be checked in the configuration settings.
  
  
  
  Consult Documentation:
  
  Review SAP documentation or help files related to Asset Accounting for additional guidance on configuration and troubleshooting.
  
  
  
  Contact SAP Support:
  
  If the issue persists after checking the above points, consider reaching out to SAP support for further assistance.
  
  
  
  Related Information:
  
  Transaction Codes:
  
  AS03: Display Asset
  OAOA: Define Asset Classes
  OABW: Define Valuation Areas
  
  
  SAP Notes: Check for any relevant SAP Notes that may address specific issues related to this error message.
  User Exits and BAdIs: If custom logic is involved, review any user exits or BAdIs that may affect asset postings.
  
  By following these steps, you should be able to identify and resolve the cause of the IF116 error message in SAP.