How To Fix FICO1406 - Enter a value in the "Reference Interest Rate" and Interest Rate" field

FICO1406 - Overview

• Message type: E = Error

• Message class: FICO1 -

• Message number: 406

• Message text: Enter a value in the "Reference Interest Rate" and Interest Rate" field

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 FICO1406 - Enter a value in the "Reference Interest Rate" and Interest Rate" field ?

  The SAP error message FICO1406, which states "Enter a value in the 'Reference Interest Rate' and 'Interest Rate' field," typically occurs in the context of financial transactions or configurations where interest rates are required. This error is often encountered in modules related to Financial Accounting (FI) and Controlling (CO), particularly when dealing with loans, interest calculations, or financial contracts.
  
  Cause:
  The error is triggered when a user attempts to process a transaction that requires specific interest rate information, but the necessary fields for "Reference Interest Rate" and "Interest Rate" are left blank. This can happen in various scenarios, such as:
  
  Missing Configuration: The interest rate settings may not be properly configured in the system.
  Incomplete Data Entry: The user may have overlooked entering the required values in the relevant fields.
  Transaction Type Requirements: Certain transaction types may mandate interest rate information that has not been provided.
  
  
  Solution:
  To resolve the FICO1406 error, follow these steps:
  
  
  Check the Transaction: