How To Fix KM516 - No account found in company code &1 or chart of accounts &3

KM516 - Overview

• Message type: E = Error

• Message class: KM - Error messages for Profit Center Accounting

• Message number: 516

• Message text: No account found in company code &1 or chart of accounts &3

What causes this issue?

No G/L account was found in company code &V1&, or no cost/revenue
element was found in chart of accounts &V3&.

System Response

The system issues an error message and will not allow you to continue with this transaction until the error is resolved.

How to fix this error?

You may be working in the wrong company code or controlling area. If
this is not the case, then neither G/L accounts nor cost/revenue
elements have been created for company code &V1& and controlling area
&V2& (in the chart of accounts &V3&). Create these accounts first.

Error message extract from SAP system. Copyright SAP SE.

KM516 - Details

• The SAP error message KM516 indicates that the system could not find a specific account in the specified company code or chart of accounts. This error typically occurs during financial transactions or postings when the system is trying to reference an account that does not exist or is not properly configured.
  
  Cause:
  
  Missing Account: The account you are trying to use does not exist in the specified company code or chart of accounts.
  Incorrect Company Code: The company code specified in the transaction does not have the account defined.
  Inactive Account: The account may exist but is marked as inactive or not available for the specified company code.
  Chart of Accounts Configuration: The account may not be included in the chart of accounts assigned to the company code.
  Data Entry Error: There may be a typographical error in the account number or company code entered in the transaction.
  
  
  Solution:
  
  
  Check Account Existence:
  
  Go to the transaction code FS00 (G/L