A.K.A. Error message: "The default rate type is not assigned to an exchange table for the selected currency."
I've set up multicurrency for a new company database. The only thing that still has me perplexed concerns the rate types. If my understanding of rate types is correct, I only need different rate types if I want to assign exchange gain/loss GL accounts by currency, which I do not.
In this example I am setting up a Hong Kong-based company which also completes transactions using the Chinese yuan renminbi (CNY) as well as US dollars, and I want both currencies translated to US$ with Management Reporter. I've created 4 exchange tables: USD-HKD-AVG, USD-CNY-AVG, USD-HKD-ME and USD-CNY-ME. I've created one additional rate type ID in the Multicurrency Setup window, where HKD is set as the functional currency, called "MONTH END" in addition to the AVERAGE, BUY and SELL that comes pre-loaded with GP. Also in that window I set up the Default Transaction Rate types using AVERAGE for financial and MONTH END for sales and purchasing. I don't think it pertains to this discussion, but I do have the USD currency marked and the 2 HKD exchange tables assigned in the correct buckets in this window as well.
In the Select Multicurrency Rate Types window, I'm only able to apply the AVERAGE rate type to one table, USD-HKD-AVG but I'm unable to apply it to the USD-CNY-AVG table. I created 2 new rate types just to get past this, but when I enter a receivables transaction for CNY I get the error "The default rate type is not assigned to an exchange table for the selected currency." What am I missing?
Also, is there any harm in deleting the pre-loaded BUY and SELL rate type IDs from this company?
