Fiscal year variant K1 is not defined fro calendar year 2001

In S/4HANA, we need to setup Asset Accounting Migration details including Fiscal year to use it. Its a one time setup. You can go through the below OSS Note.

2653046 - Fiscal year variant XX is not defined for calendar year XXXX when creating asset master data

Resolution

• Please enter the transfer date in the Make Company Code Settings app.
• In test script J62, you must satisfy the prerequisite mentioned under the Prerequisite - Preliminary Steps - Validate Asset Accounting System Readiness section. You must confirm that the Takeover Date is filled before starting AA testing in the Legacy Data Transfer section.
• Please use the app Make Company Code Settings - Asset Accounting-Specific and maintain LDT segment for company codes
• Note After the initial content activation is finalized, you must define a take-over date. This defines the current fiscal year and last closed fiscal year in Asset Accounting. The takeover date is critical for system processing, as it identifies the point in time that old asset values are loaded. For Cloud systems, this is usually the prior year end day. For example, if the system is in FY-2017 and the company is on a standard calendar Fiscal Year, the TAKEOVER DATE is 12/31/2016. Caution This implies the loading of old legacy assets is as of the Year End 2016.

Thanks,

NSK