You create a new Foreign Currency Remeasurement Run for period XXX (XXX is the period) in year YYYY, but the system gives error message: For period XXX and set of books YYYY, closing step ABC must be closed first.
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Reproducing the Issue
- Go to the Payment Management Work Center.
- Select the Foreign Currency Remeasurement Runs sub view under the Periodic Tasks view.
- Click New and select Foreign Currency Remeasurement for Cash Run.
- Fill in all the details and click Start Now.
The system gives an error: For period XXX and set of books YYYY, closing step ABC must be closed first.
When a run is created with closing step 010 -Operational Postings, then a posting is made for the open item in the current period and a counter posting is made for the open item on the 1st day of the next period. If you want to close this open item in between, then this will not be possible if a posting is already made in the next period with closing step - 010 Operational Postings. To avoid this, you get the error message.
The Foreign Currency Remeasurement should be created with the closing step as 020 - Closing Entries and the period must also be closed for Operational postings. So make sure that the First Allowed Step and Last Allowed Step is 020-Closing Entries for the period(XXX) for which you have executed the run. For the next Accounting Period(YYYY),Please set the Last Allowed Step to 020 - Closing entries.
- Go to the General Ledger work center, and choose Open and Close Periods under Common Tasks.
- Choose the row of Accounting Period ID XXX, and set the First Allowed Step and Last Allowed Step to 020 - Closing entries.
- Choose the row of Accounting Period ID YYYY, and set the Last Allowed Step to 020 - Closing entries.
- Make sure that the period is not Blocked.
- Go back to the Foreign Currency Remeasurement Run.
- Create the run with closing step as “020 - Closing Entries” and choose Start Now.
The run should be successfully executed.
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