How To Fix FICO1060 - You can only enter a markup/markdown with an interest reference rate

SAP Error Message - Details

• Message type: E = Error

• Message class: FICO1 -

• Message number: 060

• Message text: You can only enter a markup/markdown with 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.

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Smart SAP Assistant

• What is the cause and solution for SAP error message FICO1060 - You can only enter a markup/markdown with an interest reference rate ?

  The SAP error message FICO1060, which states "You can only enter a markup/markdown with an interest reference rate," typically occurs in the context of financial transactions involving pricing conditions, particularly when dealing with interest rates in the SAP FICO (Financial Accounting and Controlling) module.
  Cause:
  This error usually arises when you are trying to enter a markup or markdown for a pricing condition without having a valid interest reference rate set up in the system. The system requires an interest reference rate to calculate the markup or markdown correctly. This is often relevant in scenarios involving loans, interest calculations, or financial agreements where pricing adjustments are based on interest rates.
  Solution:
  To resolve this error, you can take the following steps:
  
  
  Check Interest Reference Rate:
  
  Ensure that an interest reference rate is defined in the system. You can do this by navigating to the relevant configuration settings in SAP.
  Go to the transaction code OB08 (or the relevant configuration path) to check if the interest reference rates are maintained correctly.
  
  
  
  Maintain Pricing Conditions:
  
  If you are working with pricing conditions, ensure that the conditions for markup/markdown are set up correctly in the pricing procedure.
  You can check the pricing procedure configuration in the transaction code V/08.
  
  
  
  Review Transaction Data:
  
  Review the transaction data where the error occurred. Ensure that all necessary fields related to interest rates and pricing conditions are filled out correctly.
  
  
  
  Consult Documentation:
  
  Refer to SAP documentation or help files for specific details on how to set up interest reference rates and pricing conditions.
  
  
  
  User Authorization:
  
  Ensure that you have the necessary authorizations to make changes to interest rates or pricing conditions in the system.
  
  
  
  Contact SAP Support:
  
  If the issue persists after checking the above points, consider reaching out to your SAP support team or consulting SAP Notes for any known issues related to this error message.
  
  
  
  Related Information:
  
  Interest Reference Rates: These are rates used to calculate interest on loans, deposits, or other financial instruments. They can be based on various benchmarks like LIBOR, EURIBOR, etc.
  Pricing Procedures: In SAP, pricing procedures define how prices are calculated for sales and purchasing documents. They include various conditions like discounts, surcharges, and taxes.
  Transaction Codes: Familiarize yourself with relevant transaction codes such as:
  
  OB08: Maintain exchange rates
  V/08: Maintain pricing procedures
  VK11: Create condition records
  
  
  
  By following these steps and understanding the context of the error, you should be able to resolve the FICO1060 error effectively.