How To Fix RETMFI042 - &1: the house bank definition is a required entry

SAP Error Message - Details

• Message type: E = Error

• Message class: RETMFI - Messages for Posting Terms

• Message number: 042

• Message text: &1: the house bank definition is a required entry

Self-Explanatory Message

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Smart SAP Assistant

• What is the cause and solution for SAP error message RETMFI042 - &1: the house bank definition is a required entry ?

  The SAP error message RETMFI042 indicates that a required entry for the house bank definition is missing. This error typically occurs in the context of financial transactions, particularly when dealing with payment processing or bank-related configurations in SAP.
  Cause:
  The error is triggered when a transaction or configuration that requires a house bank definition is executed, but the system cannot find a valid entry for the house bank. This can happen due to several reasons:
  
  Missing House Bank Configuration: The house bank has not been defined in the system.
  Incorrect Bank Account Assignment: The bank account being used in the transaction is not linked to a valid house bank.
  Data Entry Error: There may be a typo or incorrect data entry in the relevant fields.
  
  Solution:
  To resolve the RETMFI042 error, follow these steps:
  
  
  Check House Bank Configuration:
  
  Navigate to the transaction code FI12 (House Bank) or OBHB (Define House Banks).
  Ensure that the house bank is defined correctly with all required details, including the bank key and account number.
  
  
  
  Verify Bank Account Assignment:
  
  Go to the transaction code FI12 and check if the bank account is correctly assigned to the house bank.
  Ensure that the bank account is active and properly configured.
  
  
  
  Review Transaction Data:
  
  If the error occurs during a specific transaction (e.g., payment run), check the transaction data to ensure that the house bank field is filled in correctly.
  Make sure that the relevant payment method is configured to use the correct house bank.
  
  
  
  Check User Authorizations:
  
  Ensure that the user executing the transaction has the necessary authorizations to access the house bank data.
  
  
  
  Consult Documentation:
  
  If the issue persists, refer to SAP documentation or consult with your SAP support team for further troubleshooting.
  
  
  
  Related Information:
  
  Transaction Codes: Familiarize yourself with relevant transaction codes such as FI12 (House Bank), OBPM1 (Payment Methods in Country), and OBPM4 (Payment Methods for Company Code).
  SAP Notes: Check for any SAP Notes related to house bank configurations or specific issues that may have been documented by SAP.
  Configuration Guides: Review configuration guides for financial accounting and payment processing in SAP to ensure that all necessary settings are in place.
  
  By following these steps, you should be able to identify and resolve the issue causing the RETMFI042 error message in SAP.