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

SAP Error Message - Details

• 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.

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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: Review the transaction you are trying to process and ensure that you have filled in all required fields, particularly the "Reference Interest Rate" and "Interest Rate" fields.
  
  
  Enter Values: If the fields are empty, enter the appropriate values. The "Reference Interest Rate" typically refers to a benchmark rate (like LIBOR or EURIBOR), while the "Interest Rate" is the specific rate applicable to the transaction.
  
  
  Configuration Settings: If you are unsure about the correct values to enter, check the configuration settings in the SAP system:
  
  Navigate to the relevant configuration area (e.g., Financial Accounting settings).
  Ensure that the interest rate types and reference rates are defined correctly.
  
  
  
  Consult Documentation: Refer to SAP documentation or user manuals for guidance on the specific transaction you are working with, as they may provide insights into the required fields.
  
  
  User Authorization: Ensure that you have the necessary permissions to enter or modify interest rate information in the system.
  
  
  Contact Support: If the issue persists after checking the above points, consider reaching out to your SAP support team or consulting with an SAP expert for further assistance.
  
  
  Related Information:
  
  Interest Rate Types: Familiarize yourself with the different types of interest rates used in your organization, as this can help in selecting the correct values.
  SAP Notes: Check SAP Notes for any known issues or patches related to this error message.
  Training: If you frequently encounter this error, consider additional training on the relevant SAP modules to better understand the data entry requirements.
  
  By following these steps, you should be able to resolve the FICO1406 error and successfully process your financial transactions in SAP.