Posting not possible in company code 9000; specify open fiscal year S4HANA

Hi,

When i am trying to create new asset in S4HANA system, system is populating the following error message

Message no. FAA_CMP047

Diagnosis

For company code 9000 in Asset Accounting, the open fiscal year has not yet been specified.

This error typically occurs when setting up a new company code.

It is necessary to create at least one legacy data transfer segment, even if you do not want to perform a legacy data transfer. Background: At creation of this first legacy data transfer segment, the system implicitly derives the current fiscal year and the last closed fiscal year from the legacy data transfer date field (if these fields have not yet been filled).

Example:

You create a new legacy data transfer segment and specify the legacy transfer date on the last day of fiscal year 2020 which is December 31, 2020.

=> The derived closed fiscal year is 2020.

=> The derived open fiscal year is 2021.

System Response

Posting is not possible.

Procedure

Check and correct the settings for the company code (either with transaction FAA_CMP or with the Company Code Settings tile).

If necessary, create a legacy data transfer segment, and specify the legacy transfer date.