How To Fix T1001 - Financial product &1 with no. &2 already exists

SAP Error Message - Details

• Message type: E = Error

• Message class: T1 - Financial instruments

• Message number: 001

• Message text: Financial product &1 with no. &2 already exists

What causes this issue?

A financial product with the number selected by you already exists in
the database.

System Response

The system prevents a financial product from being entered more than
once with the same number.

How to fix this error?

Enter a different financial product number or select the change,
display, or delete function to continue editing.

Error message extract from SAP system. Copyright SAP SE.

Smart SAP Assistant

• What is the cause and solution for SAP error message T1001 - Financial product &1 with no. &2 already exists ?

  The SAP error message T1001, which states "Financial product &1 with no. &2 already exists," typically occurs in the context of financial product management within SAP systems, particularly in modules related to financial services or treasury management. This error indicates that there is an attempt to create or register a financial product (like a loan, investment, or insurance product) that already exists in the system with the same identifier.
  Cause:
  
  Duplicate Entry: The most common cause of this error is that a financial product with the same identifier (number) already exists in the database.
  Data Migration Issues: If data has been migrated from another system, there may be duplicate entries that were not properly handled.
  User Error: A user may be trying to create a new financial product without realizing that it has already been created.
  
  Solution:
  
  
  Check Existing Products: Before creating a new financial product, check the existing products in the system to ensure that the product number you are trying to use is not already in use.
  
  Use transaction codes like FSP0 or FSP1 to view existing financial products.
  
  
  
  Use a Unique Identifier: If you need to create a new financial product, ensure that you are using a unique identifier that does not conflict with existing entries.
  
  
  Data Cleanup: If the error is due to duplicate entries from data migration, you may need to clean up the database to remove or merge duplicates.
  
  
  Consult Documentation: Review the SAP documentation or help files related to financial product management for specific guidelines on creating products.
  
  
  Contact Support: If you are unable to resolve the issue, consider reaching out to your SAP support team or consulting with SAP support for further assistance.
  
  
  Related Information:
  
  Transaction Codes: Familiarize yourself with relevant transaction codes for managing financial products, such as FSP0 (Create Financial Product) and FSP1 (Display Financial Product).
  SAP Notes: Check SAP Notes for any known issues or patches related to financial product management that might address this error.
  User Roles and Permissions: Ensure that the user has the appropriate permissions to create or modify financial products in the system.
  
  By following these steps, you should be able to identify the cause of the error and take appropriate action to resolve it.