3234937 - Error Closed fiscal year is not allowed to be higher than current fiscal year - S/4HANA CLOUD

While closing fiscal year in Asset accounting the following error is raised:

Closed fiscal year is not allowed to be higher than current fiscal year

Message no. FAA_CMP080

SAP S/4HANA Cloud

1. Open App Make Company code settings
2. Enter ledger view
3. Enter Edit mode
4. Select all depreciation areas
5. Hit 'Close'
6. Error raised

Within the App Make Company code settings the field 'Highest F.Year' is the same as the field 'Cl.FY'. It means that there is no open fiscal year which could be closed.

In case the next fiscal year need to be closed, the job Balance Carryforward must be executed for the company code first from the App Schedule General Ledger Jobs.

Then the field 'Highest F.Year' will change to YYYY+1, and the closing process can be executed.

Balance Carryforward

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