How To Fix FICO1061 - Entry of min./max. interest rate only possible with interest reference

SAP Error Message - Details

• Message type: E = Error

• Message class: FICO1 -

• Message number: 061

• Message text: Entry of min./max. interest rate only possible with interest reference

What causes this issue?

It is only useful to make an entry in the following fields if you have
entered an <DS:DE.FICO_OINTREF>interest reference</>:
<DS:DE.FICO_RINTMAX>Maximum interest </>
<DS:DE.FICO_RINTMIN>Minimum interest</>
<DS:DE.FICO_RINTMAXD>Minimum interest increase</>
<DS:DE.FICO_RINTMIND>Maximum interest reduction</>

The system issues an error message and will not allow you to continue with this transaction until the error is resolved.

This also applies for the <DS:DE.FICO_OINTREF_CUTB>calculation base
reduction</>.

System Response

How to fix this error?

Enter an interest reference or set the entry in the other fields to the
relevant default value:
Maximum interest: +999
Minimum interest: -999
Maximum interest increase and maximum interest reduction: 0

Procedure for System Administrators

Error message extract from SAP system. Copyright SAP SE.

Smart SAP Assistant

• What is the cause and solution for SAP error message FICO1061 - Entry of min./max. interest rate only possible with interest reference ?

  The SAP error message FICO1061, which states "Entry of min./max. interest rate only possible with interest reference," typically occurs in the context of financial transactions involving interest calculations, such as loans or investment products. This error indicates that the system requires an interest reference to be defined before you can enter minimum or maximum interest rates.
  Cause:
  The error is triggered when:
  
  You are trying to enter minimum or maximum interest rates in a financial transaction or configuration without having specified an interest reference.
  The system expects an interest reference (like a benchmark rate or a specific interest rate type) to be defined in order to validate the minimum and maximum interest rates.
  
  Solution:
  To resolve this error, you can follow these steps:
  
  
  Define Interest Reference:
  
  Navigate to the relevant configuration or transaction where you are entering the interest rates.
  Ensure that you have defined an interest reference. This can typically be done in the configuration settings for interest calculation in the SAP system.
  You may need to go to the transaction code related to interest rate settings (e.g., customizing settings in SPRO).
  
  
  
  Check Existing Settings:
  
  If an interest reference is already defined, verify that it is correctly set up and active.
  Ensure that the interest reference is applicable to the transaction you are working on.
  
  
  
  Re-enter the Data:
  
  After ensuring that the interest reference is defined, try re-entering the minimum and maximum interest rates.
  
  
  
  Consult Documentation:
  
  If you are unsure about how to define an interest reference, consult the SAP documentation or help files related to financial configuration.
  
  
  
  Seek Help from SAP Support:
  
  If the issue persists after following the above steps, consider reaching out to your SAP support team or consulting SAP Notes for any known issues or patches related to this error.
  
  
  
  Related Information:
  
  Transaction Codes: Familiarize yourself with relevant transaction codes such as SPRO (for configuration), FBL1N (for vendor line items), or FBL3N (for G/L account line items) depending on your context.
  Interest Calculation: Understanding how interest calculations work in SAP can help you troubleshoot similar issues in the future.
  SAP Community: Engaging with the SAP Community forums can provide insights from other users who may have encountered and resolved similar issues.
  
  By ensuring that an interest reference is properly defined, you should be able to resolve the FICO1061 error and proceed with your financial transactions.