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This blog will help students solve common sap fico related errors that appear during practice. The blog also highlights the necessary configuration required in case of errors in SAP FICO implementation and support projects. Students can use this blog to determine and assess the business needs of any organization during their Record To Report process cycle, while also adjusting SAP FICO modules as required.
This blog is designed so that all the beginners or freshers from any other field can learn common mistakes and SAP FICO solutions to work comfortably. If you observe that many faculties put more emphasis on explaining “how to set up”, but when you appear for an interview, the interviewer asks you “why do this”, that is – i.e. the logic behind the configuration
Common Errors with Solutions in SAP FICO
Errors are very common when configuring and implementing SAP. In your daily activities as a SAP consultant, you will face many real-time problems in many different areas of this subject. So, you should take note of all the possible aspects where you may encounter errors or problems.
Many people like you are looking for these types of common errors in SAP FICO. So I have collected the 10 most common errors along with their error codes and solutions provided during configuration. Furthermore, these questions are very frequently asked in SAP FICO interviews. Therefore, you need to pay close attention to these errors.
Error 1 – While executing Depreciation Run
1: Accounting provides information on
Why do transaction in area NN contradicts the net book-value rule?
Why only output tax is allowed for account xxxxxxx xx
You get this type of error when there are restrictions on the types of tax codes allowed for the GL account. Go to FS00 and check the Control Data/Tax Categories tab. Check the post for the exact tax code. If you still want to remove the error, you will need to change the tax category.
Error 3 – During APC transfer
Why Balancing field “Profit Center” in line 01 not filled Error in ASKB
ASKB is the transaction in SAP used for periodic posting of Asset APC values to G/L.
You will receive profit center balancing errors if you do not maintain the necessary account identification in the configuration. To correct the error, identify the problematic depreciation area and check that the cost objects that define the account are maintained in ACSET. Maintain values and problems to be solved.
Error 4 – While Posting an Asset Invoice, your client gets an error in SAP FICO
Transaction key XXX YY Chart of Accounts ZZZZ not defined in table T030K
These errors, such as an unknown chart of accounts in the SAP FICO table, occur when you try to post an invoice and the tax code has not been preserved in the configuration. To resolve the issue, you have everything in the error message except the G/L account that needs to be assigned to the tax code. Go to Tcode OB40 => Provide chart of accounts (ZZZZ) => Transactions (XXX) => and assign G/L to Tax Code (YY).
Error 5 – During Intercompany transaction posting
Company codes have different settings for withholding tax treatment.
You get these types of errors in SAP FICO when you try to post an intercompany posting, but one of the companies applies standard withholding tax settings while another company applies withholding tax settings extend.
Check the setting in IMG –> Financial Accounting –> Financial Accounting Global Setting –> Company Code –> Activate Extended Withholding Tax.
Because you won’t be able to post a code release between companies. So you will have to record 2 entries, one separate entry for each company. Check later if you want to apply extended withholding tax to both companies.
Error 6 – While posting a voucher entry in FI
Why Account XXXXXXXX requires assignment to CO object.
You receive this error message (Account XXXXXXXX requires assignment to CO object) when a GL account is involved in cost calculations, i.e. a primary cost element is created for the account. In this case, the system will need a cost object (cost center, internal order, WBS element, etc.) in the posting because the posting must be done automatically in SAP Controls.
Error 7 – During the Automatic posting
What should I do to solve these sorts of errors in SAP FICO?
In the case of automated accounting (such as profit/loss accounting), you will not be able to assign cost objects manually. In this case, you will need to specify a default cost object for the account (OKB9).
Error 8 – Withholding Tax Errors in SAP FICO
An entry with this withholding tax type already exists. How to resolve this error in SAP FICO?
This error is encountered in SAP FICO when attempting to assign multiple lines of tax type to a business transaction. SAP allows only one entry for tax type in a business transaction. If multiple lines must be inserted, multiple taxes must be created.
Error 9 – During intercompany transaction posting
No clearing accounts specified for company codes NNNN/MMMM
You receive this error when you try to publish an intercompany posting but the company folder is not configured for intercompany postings. To resolve the issue, make configuration changes in OBYA. Companies must have the same withholding tax parameters (classic or extended).
Error 10 – NetWeaver Settings Errors in SAP FICO
Maintain conversion factors for XXX/YYY (currency type NN).
This error indicates that the conversion factor is not maintained for the currency pair in the system. Check the currency pair in IMG -> General Settings -> Currency -> Set conversion rate.
If currency pairs are not maintained, maintain pairs for XXX/YYY and YYY/XXX (for example, USD/CAD and CAD/USD).
SAP FICO Course by Entri
Why you should know the common Errors in SAP FICO? – The Conclusion
SAP FICO is the first step towards S4HANA Finance. To advance your career, make sure you understand all of your FICO concepts. To do this, you need to know all the real-time issues and common errors you might encounter during deployment. This will help you understand how to become a successful SAP S/4HANA financial consultant.
I hope this article has helped you understand some common scenarios in SAP FICO.
