How To Fix 67_LOAN_PAY016 - Payment method is not valid for outgoing payments

SAP Error Message - Details

• Message type: E = Error

• Message class: 67_LOAN_PAY - Loans Management: Messages for Payments

• Message number: 016

• Message text: Payment method is not valid for outgoing payments

Self-Explanatory Message

Since SAP believes that this specific error message is 'self-explanatory,' no more information has been given.The majority of messages in the SAP system have a message text, however this is frequently insufficient to comprehend or resolve the problem.

To make things easier, more detailed information is frequently added to describe the issue, how to fix it, and the necessary steps or configuration modifications.

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Smart SAP Assistant

• What is the cause and solution for SAP error message 67_LOAN_PAY016 - Payment method is not valid for outgoing payments ?

  The SAP error message 67_LOAN_PAY016 indicates that the payment method specified for outgoing payments is not valid. This error typically arises in the context of financial transactions, particularly when processing payments related to loans or other financial instruments.
  Cause:
  
  Invalid Payment Method: The payment method you are trying to use for the outgoing payment is not configured correctly in the system or is not allowed for the specific transaction type.
  Configuration Issues: The payment method may not be set up in the payment program or may not be assigned to the relevant company code or payment type.
  Master Data Issues: The vendor or customer master data may not have the correct payment method assigned.
  Transaction Type Restrictions: Certain payment methods may be restricted for specific transaction types or document types.
  
  Solution:
  
  
  Check Payment Method Configuration:
  
  Go to the configuration settings in SAP (Transaction code: OBPM1 for payment methods).
  Ensure that the payment method you are using is correctly configured for outgoing payments.
  Verify that the payment method is assigned to the relevant company code.
  
  
  
  Review Master Data:
  
  Check the vendor or customer master data (Transaction code: FK03 for vendors or FD03 for customers).
  Ensure that the correct payment method is assigned to the vendor or customer.
  
  
  
  Adjust Payment Program Settings:
  
  If you are using a payment program (Transaction code: F110), ensure that the payment method is included in the payment run settings.
  Check the parameters and ensure that the payment method is valid for the payment run.
  
  
  
  Consult Documentation:
  
  Review SAP documentation or help files related to payment methods and outgoing payments for any specific requirements or restrictions.
  
  
  
  Test with Different Payment Method:
  
  If possible, try using a different payment method to see if the issue persists. This can help identify if the problem is specific to the payment method in question.
  
  
  
  Contact SAP Support:
  
  If the issue cannot be resolved through the above steps, consider reaching out to SAP support for further assistance.
  
  
  
  Related Information:
  
  Transaction Codes:
  
  OBPM1: Configure Payment Methods
  F110: Automatic Payment Transactions
  FK03/FD03: Display Vendor/Customer Master Data
  
  
  Documentation: SAP Help Portal and community forums can provide additional insights and troubleshooting steps.
  User Roles: Ensure that you have the necessary authorizations to make changes to payment methods and master data.
  
  By following these steps, you should be able to identify and resolve the issue related to the SAP error message 67_LOAN_PAY016.