Problem in FIFO Valuation

Hi,

For FIFO Valuation, I have done the following SPRO setting:

1. Activate balance sheet valuation (Trans: OMWE) - as LIFO not relevant, FIFO active.

2. Defined LIFO/FIFO valuation levels (Trans: OMWL) - set as Plant (valuation area).

3. Configured FIFO Valuation areas for year 2008.

4. Define LIFO/FIFO method (Trans: OMWP) - FIFO01 as CUR u2013 current

5. No changes made to movements relevant to FIFO (Trans: OMW4);

While running the MRF1, the system is throwing the following message:

Balance sheet valuation not active (Customizing transaction OMWE)

Message no. MY043

Pls. note that I have already activated the LIFO/FIFO-relevant Check box while creating the Material.

Do I need to execute MRF4 before executing MRF1?

Pls. guide.

Regards,