How To Fix T1024 - Nominal amount changed; check premium amount

SAP Error Message - Details

• Message type: E = Error

• Message class: T1 - Financial instruments

• Message number: 024

• Message text: Nominal amount changed; check premium amount

What causes this issue?

You have changed the nominal amount.

System Response

The system reminds you that a change in the premium may be
necessary.

Error message extract from SAP system. Copyright SAP SE.

Smart SAP Assistant

• What is the cause and solution for SAP error message T1024 - Nominal amount changed; check premium amount ?

  The SAP error message T1024, which states "Nominal amount changed; check premium amount," typically occurs in the context of financial transactions, particularly in insurance or financial services modules where premium calculations are involved. This error indicates that there has been a change in the nominal amount (the base amount used for calculations) that affects the premium amount, and the system is prompting the user to verify the premium amount to ensure accuracy.
  Causes:
  
  Manual Changes: A user may have manually changed the nominal amount in a transaction or master data record, which can lead to discrepancies in the calculated premium.
  Data Migration: If data was migrated from another system or updated in bulk, inconsistencies may arise if the nominal amounts and premium amounts are not aligned.
  Configuration Issues: Incorrect configuration in the insurance or financial module settings can lead to errors in how nominal amounts and premiums are calculated.
  Business Logic Changes: Changes in business rules or logic that affect how premiums are calculated based on nominal amounts can trigger this error.
  
  Solutions:
  
  Verify Changes: Check the transaction or master data record to see what changes were made to the nominal amount. Ensure that these changes are valid and necessary.
  Recalculate Premium: After verifying the nominal amount, recalculate the premium to ensure it reflects the correct value based on the updated nominal amount.
  Review Configuration: If the issue persists, review the configuration settings in the relevant SAP module to ensure that they are set up correctly for premium calculations.
  Consult Documentation: Refer to SAP documentation or help resources for specific guidance on handling this error in the context of your particular module (e.g., SAP FS-CD for collections and disbursements).
  Contact Support: If you are unable to resolve the issue, consider reaching out to your SAP support team or consulting with SAP experts who can provide assistance based on your specific system setup.
  
  Related Information:
  
  Transaction Codes: Familiarize yourself with relevant transaction codes that may help in troubleshooting, such as those for viewing or editing master data, or for recalculating premiums.
  User Roles: Ensure that users have the appropriate roles and permissions to make changes to nominal amounts and premiums, as unauthorized changes can lead to errors.
  Audit Trail: Check the audit trail or change logs to see who made changes to the nominal amount and when, which can help in diagnosing the issue.
  Testing: If changes are made to configurations or processes, conduct thorough testing in a development or quality assurance environment before applying changes to the production system.
  
  By following these steps, you should be able to identify the cause of the T1024 error and implement a solution to resolve it.