How To Fix T1021 - Currency of premium taken from nominal amount

SAP Error Message - Details

• Message type: E = Error

• Message class: T1 - Financial instruments

• Message number: 021

• Message text: Currency of premium taken from nominal amount

What causes this issue?

You have not entered a currency for the premium.

System Response

If you do not enter a currency, the system will automatically use the
currency of the nominal amount.

Error message extract from SAP system. Copyright SAP SE.

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• What is the cause and solution for SAP error message T1021 - Currency of premium taken from nominal amount ?

  The SAP error message T1021, which states "Currency of premium taken from nominal amount," typically occurs in the context of financial transactions, particularly when dealing with insurance premiums or similar financial instruments. This error indicates that there is a mismatch or issue with the currency settings related to the premium amount and the nominal amount in the system.
  Cause:
  
  Currency Mismatch: The currency of the premium may not match the currency of the nominal amount. This can happen if the system is configured to handle multiple currencies and there is an inconsistency in the currency settings.
  Configuration Issues: There may be issues in the configuration of the financial module, particularly in the settings related to currency conversion or premium calculations.
  Data Entry Errors: Incorrect data entry during transaction processing can lead to this error, especially if the currency is not specified correctly.
  Master Data Issues: The master data for the relevant accounts or financial instruments may not be set up correctly, leading to currency discrepancies.
  
  Solution:
  
  Check Currency Settings: Verify that the currency settings for both the premium and the nominal amount are consistent. Ensure that they are set to the same currency.
  Review Configuration: Check the configuration settings in the SAP system related to currency handling, especially in the financial module. Ensure that the settings are correctly defined for the relevant transactions.
  Correct Data Entry: If the error is due to incorrect data entry, correct the entries in the transaction. Ensure that the currency is specified correctly when entering the premium and nominal amounts.
  Update Master Data: Review and update the master data for the relevant accounts or financial instruments to ensure that they are set up correctly with the appropriate currency settings.
  Consult Documentation: Refer to SAP documentation or help resources for specific guidance on handling currency-related issues in your version of SAP.
  
  Related Information:
  
  Transaction Codes: You may need to use specific transaction codes (like FB50, F-02, etc.) to review or correct the entries related to the error.
  SAP Notes: Check for any relevant SAP Notes that may address this specific error or provide additional troubleshooting steps.
  User Roles and Authorizations: Ensure that the user has the necessary roles and authorizations to make changes to financial transactions and master data.
  Testing: After making corrections, perform testing to ensure that the error does not recur and that transactions are processed correctly.
  
  If the issue persists after following these steps, it may be beneficial to consult with your SAP support team or a financial consultant familiar with SAP to further investigate the problem.