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Assigning a rate type ID on multiple exchange tables

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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?

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  • Community Member Profile Picture
    Community Member Microsoft Employee on at
    RE: Assigning a rate type ID on multiple exchange tables

    Justin's answer is very good except for one line that may mislead people with multiple companies in their GP System.

    The exchange tables and currency assignments etc are system wide - but the rate types are company specific.  Justin's answer sounded like you can only have one rate type per currency which is correct if you only have one company.

    I think it would be better to include  a 'per company' reference  - so it reads - you can only have one rate type per currency per company.   

    There is a potential issue that I experienced - for someone who adds an exchange table & currency - then adds a rate type for that exch table - realizes the exchange table is wrong and only removes the exch table assignment - the rate type that was assigned for that exch table currency is still assigned to that 'ghost' exch table and thus that rate type is not available to assign to other exch rate tables with the same currency.   

    If you do this - its necessary to back track - re-assign access to the old ghost exch table - then remove the rate type from that table - now it will be available for other exch tables - then remove access to the old ghost exch table.

    Thanks

    John McCarthy

  • Tricia Mummert Profile Picture
    Tricia Mummert 270 on at
    RE: Assigning a rate type ID on multiple exchange tables

    Hi Justin,

    Thanks for your reply.  I understand your example - everything hinges on the functional currency.  I would indeed be able to enter CNY transactions without the default rate type error.  However, the company has no need to translate CNY into HKD.  Do I need to create those 2 exchange tables just for the purpose of assigning a rate type so I can use the CNY currency ID?  Do I need to populate rates in those tables in order for MR to translate consolidated financials to USD?  Or would MR use the CNY-USD translation tables I've created for that purpose?

    Thanks for your help,

    Trish

  • L Vail Profile Picture
    L Vail 65,271 on at
    RE: Assigning a rate type ID on multiple exchange tables

    Hi Justin,

    Thank you for pointing that out, I failed to include the information on the currencies - great answer!

    Leslie

  • Verified answer
    Justin Thorp Profile Picture
    Justin Thorp 2,265 on at
    RE: Assigning a rate type ID on multiple exchange tables

    Hi Trish,

    Basically the Rule is:  You can't have the same Rate Type and Currency ID on 2 different exchange tables.

    It sounds like you have put the same Currency Id on the exchange tables.

    I  find the naming convention of your exchange tables confusing.  Try to stick with a convention like:  Functional Currency - Originating Currency - Rate Type.  So for example in your HK company (Functional=HKD), an exchange table name would be:  

    HKD-USD-AVG

    HKD-USD-ME

    HKD-CNY-AVG

    HKD-CNY-ME

    For a US based company (having USD as functional), valid names would be:

    USD-HKD-AVG

    USD-CNY-AVG

    USD-HKD-ME

    USD-CNY-ME

    ===================

    Again remembering:  You can't have the same Rate Type and Currency ID on 2 different exchange tables...

    ...if you setup the below, you would be ok:

    Exchange Table ID          Currency ID          Rate Type

    HKD-USD-AVG                USD                      AVERAGE

    HKD-USD-ME                  USD                       ME

    HKD-CNY-AVG                 CNY                      AVERAGE

    HKD-CNY-ME                    CNY                      ME

    If after setting up these 4 Exchange tables, you tried to setup another exchange table that had the Currency ID = USD, you would only able to assign one of the remaining rate types (BUY and SELL).  Example if you tried to now setup:

    Exchange Table ID          Currency ID          Rate Type

    HKD-USD-Whatever       USD                      (You can't use AVERAGE or ME)

    I hope this helps,

    Thanks,

    Justin

  • Tricia Mummert Profile Picture
    Tricia Mummert 270 on at
    RE: Assigning a rate type ID on multiple exchange tables

    Hi Leslie,

    I logged a call with Microsoft on this.  I'll post back what I find out.  

    Cheers,

    Trish

  • L Vail Profile Picture
    L Vail 65,271 on at
    RE: Assigning a rate type ID on multiple exchange tables

    Hi Trish,

    There's a problem here (no kidding, right), a rate type should be able to be assigned to multiple exchange tables. I'll try and set something up that mimics the behavior of your system.

    Kind regards,

    Leslie

  • Tricia Mummert Profile Picture
    Tricia Mummert 270 on at
    RE: Assigning a rate type ID on multiple exchange tables

    Hi Leslie,

    Each rate type can only be applied to one exchange table; it doesn't appear in the available rate type area for any other exchange table after being applied to one of them.

    Trish

  • L Vail Profile Picture
    L Vail 65,271 on at
    RE: Assigning a rate type ID on multiple exchange tables

    Hi Trish,

    You are correct in thinking the same rate type can be applied to multiple exchange tables. What's happening in your installation? Does the desired rate type not appear in the Available Rate Types list?

    Kind regards,

    Leslie

  • Tricia Mummert Profile Picture
    Tricia Mummert 270 on at
    RE: Assigning a rate type ID on multiple exchange tables

    Hi Leslie,

    Thanks for your reply.  In the Multicurrency Setup window, I added the rate type MONTH END and the AVERAGE rate type came pre-loaded with GP.  In the Select Multicurrency Rate Types window I see all of the rate types in the Multicurrency Setup window.  However, it seems as though each rate type can only be applied to one exchange table.  I have seen this done at another client, where the same rate type was applied to 4 different exchange tables, but that client was on GP2010 and I'm attempting this on GP2013.  

    Thanks again,

    Trish

  • L Vail Profile Picture
    L Vail 65,271 on at
    RE: Assigning a rate type ID on multiple exchange tables

    The Default Transaction Rate Type is assigned on the Multicurrency Setup window. The Select Multicurrency Rate Types window is used to assign a rate type to an Exchange table. If you open the Select Multicurrency Rate Types window and select the Exchange table in question that is assigned to the currency id in question, do any of the rate types jive with the Rate Type assigned on the Multicurrency Setup window.

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