How To Fix PRC_PRI501 - Currency &1 not defined

SAP Error Message - Details

• Message type: E = Error

• Message class: PRC_PRI - Messages for Pricing Engine

• Message number: 501

• Message text: Currency &1 not defined

Self-Explanatory Message

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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 PRC_PRI501 - Currency &1 not defined ?

  The SAP error message PRC_PRI501, which states "Currency &1 not defined," typically occurs in the context of pricing or procurement processes when the system encounters a currency that has not been properly configured or defined in the system. Here’s a breakdown of the cause, potential solutions, and related information:
  Cause:
  
  Undefined Currency: The currency specified in the transaction or document is not defined in the SAP system.
  Missing Configuration: The currency may not be set up in the relevant configuration settings, such as in the company code or purchasing organization.
  Incorrect Master Data: The master data for the vendor, customer, or material may reference a currency that is not defined in the system.
  Currency Type Issues: The currency type used in the transaction may not be valid or recognized by the system.
  
  Solution:
  
  
  Define the Currency:
  
  Go to the transaction code OB08 (or navigate through the menu: SPRO > Financial Accounting > Financial Accounting Global Settings > Currencies > Define Currencies).
  Check if the currency in question is listed. If not, you will need to define it.
  
  
  
  Check Company Code Settings:
  
  Ensure that the currency is assigned to the relevant company code. You can check this in the transaction code OBY6 (or through SPRO > Financial Accounting > Financial Accounting Global Settings > Currencies > Define Company Code Currency).
  
  
  
  Review Master Data:
  
  Check the master data for the relevant vendor, customer, or material to ensure that the currency is correctly defined. You can do this through the respective transaction codes (e.g., MK03 for material, XK03 for vendor).
  
  
  
  Currency Type Configuration:
  
  Ensure that the currency type used in the transaction is valid. You can check this in the configuration settings for currencies.
  
  
  
  Check Transaction Settings:
  
  If the error occurs during a specific transaction, review the settings and parameters used in that transaction to ensure they are correct.
  
  
  
  Related Information:
  
  Transaction Codes: Familiarize yourself with relevant transaction codes such as OB08, OBY6, XK03, MK03, and others that may help in checking and configuring currency settings.
  SAP Notes: Check SAP Notes for any known issues or patches related to this error message. You can search for PRC_PRI501 in the SAP Support Portal.
  Documentation: Review SAP documentation related to currency configuration and master data management for further insights.
  
  By following these steps, you should be able to resolve the PRC_PRI501 error and ensure that the currency is properly defined and configured in your SAP system.