SAP Message >1616 - Select a contract account or contract for the bank details

Diagnosis
You entered neither a contract account nor a contract for the use ofbank details when processing incoming and/or outgoing payments.
The system is not able to determine a paying company code.
However, entering a paying company code ("recipient") is mandatory whencreating a mandate.

Procedure
Select at least one contract account or contract for the use of bankdetails when processing incoming and/or outgoing payments.