Fast Formula - Update error (APP-PAY-06153)

While trying to update a Fast Formula (Accrual Carryover) and encountering the below error.

APP-PAY-06153: System Error: Procedure ff_formulas_f_pkg.update_row at step 1.

This error is not limited to Accrual Carryover Formulas rather for all types of Fast Formulas.

Solution:

Please make sure you have FND Logging turned off (either at the Site or User Level)

FND: Log Enabled - No
FND: Log Level - Blank
FND: Log Module - Blank

And then Verify the Fast Formula again