Valid Exchange Rate Issues

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Posted on by Kerry Travis

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Good afternoon. I have foreign currency set up and have even given long expiry dates. However I still get error messages stating the the system cannot find a valid exchange rate for my currency. I checked and the rate has not expired. I tried cross checking the rate tables etc., but cannot find the issue.

Thanks in advance for any assistance.

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babubaskaran@outloo... 12 on at

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What type of transaction you are having problem. if you transfer sales order to invoice which will use orginal order date which might cause this problem. if you drill down the exchange rate select the rate for the document date.

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Kerry Travis 645 on at

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I'm getting this message regardless of the transaction type. Even if I do a current bank transaction. The exchange rate is current, but the system doesn't appear to see it.

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babubaskaran@outloo... 12 on at

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Hi Kerry,

have you given exchange rate type for foreign currency.

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Kerry Travis 645 on at

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Hi Babu, I have attached a couple of screen shots. Please let me know if I should have attached something else. Please note that our reporting/functional currency is CAD, and we were trying to do a transaction in U.S. dollars.

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babubaskaran@outloo... 12 on at

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Hi Kerry,

the exchange rate doesnt have rate for today.

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Kerry Travis 645 on at

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Hi Babu, The exchange rate covers the period Feb 16/15 to Feb 16/16 - one full year. Today should be included in this period, no?

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babubaskaran@outloo... 12 on at

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Sorry Kerry that should be fine, Can you please enter a general journal and post the screen shot of the error. Just to confirm the account has access to currency.

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Justin Thorp 2,265 on at

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Hi,

In the Multicurrency Exchange Rate Maintenance window, there's a tendency for one to look at the "Date" and the "Expiration Date" and automatically think of it as a range. This is incorrect.

Since you have selected the Transaction Rate Default to be "Exact Date"...GP looks at the "Date" Column in the Multicurrency Exchange Rate Maintenance window, and if it doesn't find the date there...you get the warning. If it did find the exact date in the "Date" column, it would then check to make sure it hasn't expired.

My recommendation for you is to set the Transaction Rate Default to "Previous Date".

What will happen now, for example, when you enter transaction with todays date, GP looks for this date in the "Date" column in the Multicurrency Exchange Rate Maintenance window. GP doesn't find this date, so now instead of getting a warning, gp will grab the "Previous Date"...in your case 2/16/2015. Next GP makes sure this rate hasn't expired (2/16/2016...nope...hasn't expired).

Thanks,

Justin

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Kerry Travis 645 on at

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Thanks for the explanation Justin. That worked!

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babubaskaran@outloo... 12 on at

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Sorry Kerry I missed to look at the default date :-)

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