How To Fix FARR_CONTRACT_MAIN431 - Ex. Rate for local currency is empty on contract &1 for initial load

SAP Error Message - Details

• Message type: E = Error

• Message class: FARR_CONTRACT_MAIN - Revenue Accounting: Contract Management

• Message number: 431

• Message text: Ex. Rate for local currency is empty on contract &1 for initial load

Self-Explanatory Message

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Smart SAP Assistant

• What is the cause and solution for SAP error message FARR_CONTRACT_MAIN431 - Ex. Rate for local currency is empty on contract &1 for initial load ?

  The SAP error message FARR_CONTRACT_MAIN431 indicates that there is an issue with the exchange rate for the local currency in a contract during an initial load process. This typically occurs in the context of financial contracts, such as leasing or asset management, where currency conversion is necessary.
  Cause:
  The error arises when the system attempts to process a contract (identified by &1) and finds that the exchange rate for the local currency is missing or not defined. This can happen due to several reasons:
  
  Missing Exchange Rate Configuration: The exchange rate for the local currency may not have been set up in the system.
  Incorrect Date: The exchange rate might not be valid for the date of the contract or the date of the initial load.
  Data Migration Issues: If this error occurs during a data migration or initial load, it may indicate that the data being loaded does not have the necessary exchange rate information.
  Currency Settings: The local currency settings for the contract may not be properly configured.
  
  Solution:
  To resolve this error, you can take the following steps:
  
  
  Check Exchange Rate Configuration:
  
  Go to the transaction code OB08 (Maintain Exchange Rates) in SAP.
  Verify that the exchange rate for the local currency is defined for the relevant currency pair and for the date range applicable to the contract.
  
  
  
  Validate Contract Data:
  
  Review the contract data to ensure that the local currency is correctly specified and that all required fields are populated.
  
  
  
  Check Date Validity:
  
  Ensure that the exchange rate is valid for the date of the contract. If the contract date is outside the range of defined exchange rates, you will need to add the appropriate rates.
  
  
  
  Data Migration Review:
  
  If this error occurs during a data migration process, check the source data to ensure that it includes the necessary exchange rate information. You may need to adjust the data extraction or transformation process to include this information.
  
  
  
  Consult Documentation:
  
  Review SAP documentation or notes related to the specific module you are working with (e.g., Asset Accounting, Contract Management) for any additional configuration steps or known issues.
  
  
  
  Contact SAP Support:
  
  If the issue persists after checking the above points, consider reaching out to SAP support for further assistance, especially if this is a recurring issue or if it affects multiple contracts.
  
  
  
  Related Information:
  
  Transaction Codes: OB08 (Maintain Exchange Rates), FBL1N (Vendor Line Items), FBL3N (G/L Account Line Items).
  SAP Notes: Search for relevant SAP Notes in the SAP Support Portal that may address this specific error or provide additional troubleshooting steps.
  Documentation: Review the SAP Help Portal for detailed information on contract management and currency settings.
  
  By following these steps, you should be able to identify and resolve the cause of the error message FARR_CONTRACT_MAIN431.