Want to make balance sheet valuation on FIFO basis.
Done the following:
1. Activate balance sheet valuation (Trans: OMWE) - as LIFO not relevant, FIFO active.
2. Defined LIFO/FIFO valuation levels (Trans: OMWL) - set as Plant (valuationa rea).
3. Configured FIFO Valuation areas for year 2008.
4. Define LIFO/FIFO method (Trans: OMWP) - as CUR - current.
5. No changes made to movements relevant to FIFO (Trans: OMW4) no changes
6. Selection of Material to FIFO (Trans: MRF4), in this getting error
Selected material, entered plant and selected SET indicator executing. The system giving message as 'VALUATION AREA NOT DEFINED FOR FIFO' (M8885).
When entered transaction OMWL (step 2) there is a message showing as 'ENTRIES MADE HERE ARE NOT TRANSPORTED AUTOMATICALLY'. Is this the reason that valuation area defined but not activated or any step I missed in between. Please clarify. If any more steps required to define FIFO valuation in system also please mention.