FR058 - Enter a valid exchange rate type

SAP Error Message - Details

• Message type: E = Error

• Message class: FR - Messages for FI Reporting

• Message number: 058

• Message text: Enter a valid exchange rate type

Self-Explanatory Message

Since SAP believes that this specific error message is 'self-explanatory,' no more information has been given.The majority of messages in the SAP system have a message text, however this is frequently insufficient to comprehend or resolve the problem.

To make things easier, more detailed information is frequently added to describe the issue, how to fix it, and the necessary steps or configuration modifications.

Unfortunately, there isn't any extra information in this error notice.

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Smart SAP Assistant

• What is the cause and solution for SAP error message FR058 - Enter a valid exchange rate type ?

  The SAP error message FR058, which states "Enter a valid exchange rate type," typically occurs in the context of financial transactions where currency conversion is involved. This error indicates that the system requires a valid exchange rate type to proceed with the transaction, but the provided exchange rate type is either missing, incorrect, or not defined in the system.
  Causes:
  
  Missing Exchange Rate Type: The exchange rate type field is left blank or not filled in correctly.
  Invalid Exchange Rate Type: The exchange rate type entered does not exist in the system or is not configured properly.
  Configuration Issues: The exchange rate type may not be set up in the system for the specific currency pair being used.
  User Authorization: The user may not have the necessary permissions to access the exchange rate type.
  Transaction Context: The error may arise in specific transactions where exchange rates are required, such as during foreign currency postings or when creating invoices.
  
  Solutions:
  
  Check Exchange Rate Type: Ensure that you are entering a valid exchange rate type. Common exchange rate types include 'M' for average rates, 'B' for bank buying rates, etc.
  Define Exchange Rate Type: If the exchange rate type is not defined, you can define it in the SAP system:
  
  Go to the transaction code OB08 (Maintain Exchange Rates).
  Check if the exchange rate type you are trying to use is listed. If not, you may need to create it or ensure it is properly configured.
  
  
  Review Configuration: Ensure that the exchange rate type is configured correctly in the system. This includes checking the currency pair and the validity of the rates.
  User Permissions: Verify that the user has the necessary authorizations to access and use the exchange rate type.
  Consult Documentation: Refer to SAP documentation or help files for specific details on how to manage exchange rates and types.
  
  Related Information:
  
  Transaction Codes: Familiarize yourself with relevant transaction codes such as OB08 (Maintain Exchange Rates) and OBA1 (Define Exchange Rate Types).
  Currency Configuration: Understanding how currencies and exchange rates are configured in SAP can help prevent similar issues in the future.
  SAP Notes: Check SAP Notes for any known issues or patches related to exchange rate types and currency handling.
  Support: If the issue persists, consider reaching out to your SAP support team or consulting with an SAP expert for further assistance.
  
  By following these steps, you should be able to resolve the FR058 error and ensure that valid exchange rate types are used in your transactions.