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

SAP Error Message - Details

• 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.

Smart SAP Assistant

• What is the cause and solution for SAP error message GK066 - Exchange rate type 'M' used for the translation ?

  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 (Maintain Exchange Rates).
  Check if the exchange rates for the relevant currency pair and for the exchange rate type 'M' are maintained.
  If not, enter the required exchange rates for the relevant dates.
  
  
  
  Check Configuration:
  
  Ensure that the exchange rate type 'M' is correctly configured in the system.
  You can check this in the configuration settings under SPRO > Financial Accounting > Financial Accounting Global Settings > Currencies > Define Exchange Rate Types.
  
  
  
  Verify Dates:
  
  Ensure that the date for which the exchange rate is being requested falls within the range of dates for which the exchange rates are maintained.
  
  
  
  Currency Pair Validation:
  
  Confirm that the currency pair you are trying to use is valid and that there are no typos or errors in the currency codes.
  
  
  
  Testing:
  
  After making the necessary changes, test the transaction again to see if the error persists.
  
  
  
  Related Information:
  
  Exchange Rate Types: In SAP, different exchange rate types can be defined for various purposes (e.g., average rates, historical rates, etc.). Understanding the purpose of each type is crucial for proper financial reporting.
  Transaction Codes: Familiarize yourself with relevant transaction codes such as OB08 (Maintain Exchange Rates), OBBS (Display Exchange Rates), and others that may help in managing currency settings.
  Documentation: Refer to SAP documentation or help files for detailed information on currency translation and exchange rate maintenance.
  
  If the issue persists after following these steps, it may be beneficial to consult with your SAP support team or refer to SAP Notes for any known issues related to this error message.