How To Fix GC070 - Exchange rates and resulting translated amounts are incorrect

SAP Error Message - Details

• Message type: E = Error

• Message class: GC - Error Messages for Consolidation/Extended General Ledger

• Message number: 070

• Message text: Exchange rates and resulting translated amounts are incorrect

Self-Explanatory Message

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• What is the cause and solution for SAP error message GC070 - Exchange rates and resulting translated amounts are incorrect ?

  The SAP error message GC070 indicates that there is an issue with the exchange rates and the resulting translated amounts in your financial transactions. This error typically arises during the process of currency translation or when posting transactions that involve multiple currencies. Here are the potential causes, solutions, and related information for this error:
  Causes:
  
  
  Incorrect Exchange Rate Configuration: The exchange rates may not be correctly defined in the system. This can happen if the rates are missing, outdated, or incorrectly entered.
  
  
  Currency Translation Settings: The settings for currency translation in the system may not be configured properly, leading to discrepancies in the amounts.
  
  
  Posting Period Issues: The exchange rates may not be valid for the posting period of the transaction. If the rates are set for a different period, the system will not be able to translate the amounts correctly.
  
  
  Data Entry Errors: Manual entry errors in transaction data, such as incorrect currency codes or amounts, can lead to this error.
  
  
  Missing or Incorrectly Defined Valuation Areas: If the valuation areas are not set up correctly, it can lead to issues in currency translation.
  
  
  Solutions:
  
  
  Check Exchange Rate Configuration:
  
  Go to the transaction code OB08 to review and maintain exchange rates.
  Ensure that the exchange rates are defined for the relevant currencies and that they are valid for the posting period.
  
  
  
  Review Currency Translation Settings:
  
  Check the settings in the configuration for currency translation (transaction code OBY6).
  Ensure that the translation methods and settings are appropriate for your financial reporting needs.
  
  
  
  Verify Posting Period:
  
  Ensure that the exchange rates are valid for the posting period of the transaction. You can check the posting period in the transaction or in the configuration settings.
  
  
  
  Correct Data Entry:
  
  Review the transaction data for any manual entry errors. Ensure that the currency codes and amounts are entered correctly.
  
  
  
  Check Valuation Areas:
  
  Ensure that the valuation areas are correctly defined and that they correspond to the currencies being used in the transactions.
  
  
  
  Run Currency Translation:
  
  If applicable, run the currency translation process again to ensure that all amounts are correctly translated based on the latest exchange rates.
  
  
  
  Related Information:
  
  
  Transaction Codes:
  
  OB08: Maintain Exchange Rates
  OBY6: Configure Currency Translation
  FB50: General Ledger Account Document Entry (to check postings)
  
  
  
  SAP Notes: Check for any relevant SAP Notes that may address specific issues related to exchange rates and currency translation.
  
  
  Documentation: Review SAP documentation for currency management and financial accounting to ensure compliance with best practices.
  
  
  If the issue persists after following these steps, it may be beneficial to consult with your SAP support team or a financial consultant who specializes in SAP to further investigate the problem.