How To Fix FTVV_MESSAGES708 - Local currency amount and rate of exchange reset

SAP Error Message - Details

• Message type: E = Error

• Message class: FTVV_MESSAGES - Reporting Financial Assets Management

• Message number: 708

• Message text: Local currency amount and rate of exchange reset

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.

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Smart SAP Assistant

• What is the cause and solution for SAP error message FTVV_MESSAGES708 - Local currency amount and rate of exchange reset ?

  The SAP error message FTVV_MESSAGES708 indicates that there is an issue with the local currency amount and the exchange rate in a financial transaction. This error typically arises in the context of financial postings, particularly when dealing with foreign currency transactions.
  Cause:
  The error can occur due to several reasons, including:
  
  Currency Conversion Issues: The local currency amount may not match the expected value based on the exchange rate defined in the system.
  Missing Exchange Rate: The exchange rate for the currency pair involved in the transaction may not be defined in the system for the relevant date.
  Incorrect Configuration: There may be configuration issues in the currency settings or in the financial document settings.
  Data Entry Errors: Manual entry errors in the transaction data can lead to discrepancies in the amounts and rates.
  
  Solution:
  To resolve the error, you can take the following steps:
  
  
  Check Exchange Rates:
  
  Go to the transaction code OB08 to check if the exchange rates for the relevant currencies are maintained correctly.
  Ensure that the exchange rate is valid for the date of the transaction.
  
  
  
  Review Transaction Data:
  
  Verify the transaction data for any discrepancies in the local currency amount and the exchange rate.
  Ensure that the amounts entered are correct and consistent with the expected values.
  
  
  
  Configuration Settings:
  
  Check the configuration settings related to currency and exchange rates in the Financial Accounting (FI) module.
  Ensure that the settings for currency types and exchange rate types are correctly configured.
  
  
  
  Re-enter the Transaction:
  
  If the error persists, consider re-entering the transaction to ensure that all data is entered correctly.
  
  
  
  Consult Documentation:
  
  Refer to SAP documentation or help resources for specific guidance related to the error message.
  
  
  
  Contact Support:
  
  If you are unable to resolve the issue, consider reaching out to your SAP support team or consulting with an SAP expert for further assistance.
  
  
  
  Related Information:
  
  Transaction Codes: Familiarize yourself with relevant transaction codes such as FB50 (General Ledger Account Document Entry) or FB01 (Post Document) where this error might occur.
  SAP Notes: Check SAP Notes for any known issues or patches related to this error message.
  User Authorization: Ensure that you have the necessary authorizations to perform currency-related transactions.
  
  By following these steps, you should be able to identify the root cause of the error and implement the appropriate solution.