How To Fix FICO1059 - Enter either a percentage rate or an interest reference rate

SAP Error Message - Details

• Message type: E = Error

• Message class: FICO1 -

• Message number: 059

• Message text: Enter either a percentage rate or an interest reference rate

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.

Unfortunately, there isn't any extra information in this error notice.

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Smart SAP Assistant

• What is the cause and solution for SAP error message FICO1059 - Enter either a percentage rate or an interest reference rate ?

  The SAP error message FICO1059, which states "Enter either a percentage rate or an interest reference rate," typically occurs in the context of financial transactions involving interest calculations, such as loans, credit agreements, or other financial instruments in the SAP FICO (Financial Accounting and Controlling) module.
  Cause:
  This error arises when the system expects either a specific percentage rate or a reference interest rate to be provided, but neither has been entered. This can happen in various scenarios, such as:
  
  Missing Interest Rate: When creating or modifying a financial document, the interest rate field is left blank.
  Incorrect Configuration: The system configuration may not be set up correctly to handle interest calculations.
  Data Entry Error: Users may inadvertently skip entering the required interest rate information.
  
  Solution:
  To resolve the FICO1059 error, you can take the following steps:
  
  
  Check Input Fields: Ensure that you have entered either a percentage rate or an interest reference rate in the relevant fields. If you are using a percentage rate, make sure it is in the correct format (e.g., 5% should be entered as 5.00).
  
  
  Review Configuration: If you are responsible for system configuration, check the settings related to interest calculations in the SAP system. Ensure that the interest calculation settings are correctly defined in the relevant financial modules.
  
  
  Use Reference Rates: If you are supposed to use an interest reference rate, ensure that the reference rate is correctly defined and available in the system. You may need to check the configuration for interest reference rates in the system.
  
  
  Consult Documentation: Refer to SAP documentation or help resources for specific guidance on the transaction or process you are working with. This can provide insights into the required fields and their expected values.
  
  
  Seek Help from IT Support: If you are unable to resolve the issue, consider reaching out to your SAP support team or IT department for assistance. They may have additional tools or insights to help troubleshoot the problem.
  
  
  Related Information:
  
  Transaction Codes: Familiarize yourself with the relevant transaction codes in SAP that pertain to interest calculations, such as FB60 (Enter Incoming Invoices) or F-02 (General Posting).
  SAP Notes: Check SAP Notes for any known issues or patches related to this error message. SAP Notes can provide solutions or workarounds for specific problems.
  User Training: Ensure that users are adequately trained on how to enter financial data in SAP, particularly regarding interest rates and related fields.
  
  By following these steps, you should be able to resolve the FICO1059 error and proceed with your financial transactions in SAP.