How To Fix RY802 - Interest rate formula is incorrect; it must contain one IR reference only

SAP Error Message - Details

• Message type: E = Error

• Message class: RY - Messages for RM Basis

• Message number: 802

• Message text: Interest rate formula is incorrect; it must contain one IR reference only

Self-Explanatory Message

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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 RY802 - Interest rate formula is incorrect; it must contain one IR reference only ?

  The SAP error message RY802 indicates that there is an issue with the interest rate formula used in a financial transaction or configuration. Specifically, the error states that the formula must contain only one interest rate (IR) reference. This typically occurs in the context of financial instruments, loans, or other transactions where interest calculations are involved.
  Cause:
  The error is caused by the presence of multiple interest rate references in the formula. In SAP, when defining interest rate calculations, the system expects a single reference to an interest rate (IR) to ensure clarity and correctness in the calculation. If the formula includes more than one IR reference, the system cannot determine which rate to apply, leading to this error.
  Solution:
  To resolve the RY802 error, follow these steps:
  
  
  Review the Interest Rate Formula: 
  
  Navigate to the configuration or transaction where the interest rate formula is defined.
  Check the formula for any instances of multiple IR references.
  
  
  
  Modify the Formula:
  
  Ensure that the formula contains only one IR reference. If there are multiple references, decide which one is appropriate for your calculation and remove the others.
  If necessary, consult with your finance or treasury team to confirm the correct interest rate to use.
  
  
  
  Test the Changes:
  
  After modifying the formula, test the transaction or calculation to ensure that the error no longer appears and that the calculations are correct.
  
  
  
  Documentation:
  
  Document the changes made to the formula for future reference and to assist other users who may encounter similar issues.
  
  
  
  Related Information:
  
  Transaction Codes: Depending on your SAP version, you may need to use specific transaction codes to access the interest rate configuration (e.g., transaction codes like OB08 for maintaining exchange rates or other relevant financial configuration transactions).
  SAP Notes: Check the SAP Support Portal for any relevant notes or updates related to this error message. There may be specific patches or updates that address similar issues.
  User Guides: Refer to SAP documentation or user guides related to financial calculations and interest rate configurations for more detailed instructions and best practices.
  
  If the issue persists after following these steps, consider reaching out to your SAP support team or consulting with an SAP expert for further assistance.