How To Fix FARR_CONTRACT_MAIN374 - Exchange rate of source item &1 is empty

SAP Error Message - Details

• Message type: E = Error

• Message class: FARR_CONTRACT_MAIN - Revenue Accounting: Contract Management

• Message number: 374

• Message text: Exchange rate of source item &1 is empty

Self-Explanatory Message

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Smart SAP Assistant

• What is the cause and solution for SAP error message FARR_CONTRACT_MAIN374 - Exchange rate of source item &1 is empty ?

  The SAP error message FARR_CONTRACT_MAIN374 indicates that there is an issue with the exchange rate for a source item in a contract. Specifically, it means that the system cannot find a valid exchange rate for the specified item, which is necessary for processing financial transactions involving different currencies.
  Cause:
  
  
  Missing Exchange Rate: The primary cause of this error is that there is no exchange rate defined for the currency pair involved in the transaction. This can happen if:
  
  The exchange rate has not been maintained in the system.
  The exchange rate is not valid for the date of the transaction.
  The currency pair is not supported in the system.
  
  
  
  Incorrect Configuration: There may be configuration issues in the currency settings or in the financial contract settings that prevent the system from retrieving the correct exchange rate.
  
  
  Data Entry Errors: There could be errors in the data entry for the source item, such as incorrect currency codes or missing information.
  
  
  Solution:
  
  
  Maintain Exchange Rates:
  
  Go to the transaction code OB08 (or the relevant transaction for maintaining exchange rates) and check if the exchange rate for the currency pair is maintained.
  If it is missing, enter the appropriate exchange rate for the required date.
  
  
  
  Check Validity:
  
  Ensure that the exchange rate is valid for the date of the transaction. If the transaction date is outside the range of valid exchange rates, you will need to add or adjust the rates accordingly.
  
  
  
  Review Configuration:
  
  Check the configuration settings related to currency and exchange rates in the SAP system. Ensure that all necessary settings are correctly configured.
  
  
  
  Data Entry Verification:
  
  Review the data entry for the source item to ensure that all required fields are filled out correctly, especially the currency fields.
  
  
  
  Consult Documentation:
  
  Refer to SAP documentation or help resources for additional guidance on handling exchange rates and related configurations.
  
  
  
  Related Information:
  
  
  Transaction Codes: 
  
  OB08: Maintain exchange rates.
  FBL1N: Vendor line items (to check related transactions).
  FBL3N: G/L account line items (to check related transactions).
  
  
  
  SAP Notes: Check for any relevant SAP Notes that may address this specific error or provide additional troubleshooting steps.
  
  
  User Roles: Ensure that the user has the necessary authorizations to maintain exchange rates and access related transactions.
  
  
  By following these steps, you should be able to resolve the error message FARR_CONTRACT_MAIN374 and ensure that the exchange rates are correctly maintained in your SAP system.