How To Fix GK066 - Exchange rate type 'M' used for the translation

GK066 - Overview

• Message type: E = Error

• Message class: GK - Messages for SAP Consolidation

• Message number: 066

• Message text: Exchange rate type 'M' used for the translation

What causes this issue?

The method <ZH>&V1&</> currently has no exchange rate indicator, which
is needed for determining the exchange rate type. Thus, the system used
exchange rate type 'M', which can lead to deviating currency amounts.

System Response

The system issues an error message and will not allow you to continue with this transaction until the error is resolved.

How to fix this error?

You can specify an exchange rate indicator for the method in the IMG
step <ZH>Define methods</> on the detail screen <ZH>Further control
options</>.
If this is not desired, the reconciliation will continue to use
exchange rate type 'M'.

Error message extract from SAP system. Copyright SAP SE.

GK066 - Details

• The SAP error message GK066 indicates that there is an issue with the exchange rate type 'M' (which typically stands for the "average" exchange rate) being used for currency translation in a financial transaction or reporting process. This error usually arises in the context of financial accounting or controlling when the system is unable to find a valid exchange rate for the specified currency pair.
  
  Cause:
  
  Missing Exchange Rates: The most common cause is that the exchange rates for the specified currency pair and the exchange rate type 'M' are not maintained in the system.
  Incorrect Configuration: The exchange rate type may not be properly configured in the system settings.
  Date Issues: The date for which the exchange rate is being requested may not have a corresponding rate maintained.
  Currency Pair: The currency pair being used may not be supported or may not have a defined exchange rate.
  
  
  Solution:
  
  
  Maintain Exchange Rates:
  
  Go to the transaction code OB08