How To Fix MN628 - Exch. rate type with fixed rates not defined for any source currency

SAP Error Message - Details

• Message type: E = Error

• Message class: MN - Message class for subsequent settlement (Purchasing)

• Message number: 628

• Message text: Exch. rate type with fixed rates not defined for any source currency

What causes this issue?

in part identical to MN618
No source currency exists for target currency &V1&, so there are fixed
exchange rates between source and target currencies (e.g. currencies of
involved in European Monetary Union).

System Response

You can convert to arrangement currency &V1&.
As the exchange rates are not fixed, discrepancies may occur for the
incomes as a result of currency conversions.
The reason for this is that subsequent settlement uses the old
arrangement currencies. The incomes are converted to the new
arrangement currency if required. If exchange rates are not fixed, then
a discrepancy may occur.
Only when functions "Extend arrangements" and "Create arrangement with
reference" does the system convert the values to the new arrangement
currency.

How to fix this error?

Check your entries.
You can change the arrangement currency as you wish. However, it does
not make sense to do this if the exchange rate for the currency is not
fixed.

Error message extract from SAP system. Copyright SAP SE.

Smart SAP Assistant

• What is the cause and solution for SAP error message MN628 - Exch. rate type with fixed rates not defined for any source currency ?

  The SAP error message MN628 indicates that there is an issue with the exchange rate type configuration in the system. Specifically, it means that the exchange rate type you are trying to use has not been defined for any source currency with fixed rates. This can occur in various scenarios, such as when processing transactions that involve currency conversion.
  Cause:
  
  Missing Configuration: The exchange rate type you are using does not have any fixed exchange rates defined for the source currency you are working with.
  Incorrect Exchange Rate Type: The exchange rate type specified in the transaction may not be appropriate for the currencies involved.
  Data Entry Error: There may be a mistake in the transaction data where the wrong exchange rate type is selected.
  
  Solution:
  To resolve the MN628 error, you can follow these steps:
  
  
  Check Exchange Rate Type Configuration:
  
  Go to the transaction code OB08 (Maintain Exchange Rates).
  Verify that the exchange rate type you are using has been defined for the relevant source currency.
  If it is not defined, you will need to create or update the exchange rates for that currency.
  
  
  
  Define Fixed Exchange Rates:
  
  If the exchange rate type is missing fixed rates, you can add them by entering the appropriate rates for the source currency and the target currency.
  Make sure to enter the rates for the correct date and ensure that the rates are valid.
  
  
  
  Review Transaction Data:
  
  Check the transaction that triggered the error to ensure that the correct exchange rate type is being used.
  If necessary, change the exchange rate type in the transaction to one that is properly configured.
  
  
  
  Consult Documentation:
  
  If you are unsure about which exchange rate type to use, consult your organization's documentation or SAP guidelines regarding currency conversion.
  
  
  
  Testing:
  
  After making the necessary changes, test the transaction again to ensure that the error has been resolved.
  
  
  
  Related Information:
  
  Exchange Rate Types: In SAP, exchange rate types are used to define how currency conversions are handled. Common types include "M" for average rates, "B" for bank rates, etc.
  Currency Configuration: Ensure that all relevant currencies are properly configured in the system, including their exchange rates and any necessary settings in the financial modules.
  SAP Notes: Check for any relevant SAP Notes that may provide additional guidance or fixes related to this error message.
  
  By following these steps, you should be able to resolve the MN628 error and ensure that your currency conversion processes work smoothly in SAP.