SAP Message BEA_R1220 - &1: No valid settlement date until default date

Diagnosis
There is no payment date for this agreement up to the default date.
Example: A monthly agreement has been agreed. The agreement starts on1.7.2005. If a partial settlement, due by 25.7., is attempted, the lastpayment date before that according to the payment calendar is 30.6.However, as this date lies before the agreement, it is not valid for theagreement.

System Response
Payment does not take place for the agreement.

Procedure
If necessary, redefine the default date so that a valid payment date canbe determined for the agreement by this date.