How To Fix MY063 - Error during price update for material & in material ledger

MY063 - Overview

• Message type: E = Error

• Message class: MY - Messages for Balance Sheet Valuation(Low.Val.Det./LIFO/FIFO)

• Message number: 063

• Message text: Error during price update for material & in material ledger

What causes this issue?

The system could not valuate the material.

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?

If the material is to be valuated, you have the following options:
Manually process the material master data, such as the material price
change.
Contact your system administrator.

Procedure for System Administrators

Error message extract from SAP system. Copyright SAP SE.

MY063 - Details

• The SAP error message MY063, which states "Error during price update for material & in material ledger," typically occurs during the process of updating prices in the Material Ledger. This error can arise due to various reasons, and understanding the cause is essential for resolving it.
  Causes of MY063 Error
  
  
  Incorrect Configuration: The Material Ledger may not be properly configured for the material in question. This includes settings related to price control, valuation class, or currency.
  
  
  Missing Master Data: The material master data may be incomplete or incorrect. This can include missing valuation data or incorrect accounting views.
  
  
  Price Change Issues: If there are inconsistencies in the price change records or if the price change is not valid for the current period, this error can occur.
  
  
  Document Posting Issues: If there are issues with the documents that are being posted (e.g., goods movements, invoices), it can lead to errors during the price update.
  
  
  Locked Records: If