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

SAP Error Message - Details

• 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.

Smart SAP Assistant

• What is the cause and solution for SAP error message KM516 - No account found in company code &1 or chart of accounts &3 ?

  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 Account Master Record) and check if the account exists for the specified company code.
  Ensure that the account is active and properly configured.
  
  
  
  Verify Company Code:
  
  Ensure that you are using the correct company code in your transaction. You can check the company code settings in the transaction code OBY6.
  
  
  
  Review Chart of Accounts:
  
  Check if the account is part of the chart of accounts assigned to the company code. You can verify this in the transaction code OBD4.
  
  
  
  Correct Data Entry:
  
  Double-check the account number and company code entered in the transaction for any typographical errors.
  
  
  
  Consult with Finance Team:
  
  If you are unsure about the account configuration or if it should exist, consult with your finance or accounting team to ensure that the account is set up correctly.
  
  
  
  Create Account if Necessary:
  
  If the account does not exist and is required for your business processes, you may need to create it using transaction code FS00.
  
  
  
  Related Information:
  
  Transaction Codes:
  
  FS00: Create/Change G/L Account Master Record
  OBD4: Define Chart of Accounts
  OBY6: Define Company Code
  
  
  SAP Notes: Check SAP Notes for any specific issues related to this error message, as there may be patches or updates that address known issues.
  Documentation: Review SAP documentation for G/L account management and configuration to ensure compliance with your organization's accounting practices.
  
  By following these steps, you should be able to resolve the KM516 error and ensure that the necessary accounts are available for your transactions.