How To Fix MQ404 - Currency key and exchange rate type for the euro not found

MQ404 - Overview

• Message type: E = Error

• Message class: MQ - Messages for Euro Changeover Package

• Message number: 404

• Message text: Currency key and exchange rate type for the euro not found

What causes this issue?

The program is searching for the following settings in your system:
Currency key which you use for the euro currency
Exchange rate type which you use for the prescribed translation
procedure between EMU national curencies.

System Response

No currency key could be found for the euro currency or no exchange
rate type could be found for translation between the EMU national
currencies.

How to fix this error?

Prepare your system for entering business transactions in euro using
transaction EW3X.

Error message extract from SAP system. Copyright SAP SE.

MQ404 - Details

• The SAP error message MQ404 indicates that the system is unable to find the currency key and exchange rate type for the euro (EUR) in the relevant configuration. This typically occurs when there is an issue with the currency settings in the system, particularly when dealing with currency conversions or transactions involving the euro.
  
  Cause:
  
  Missing Exchange Rate Type: The exchange rate type for EUR may not be defined in the system.
  Missing Currency Key: The currency key for EUR may not be properly configured or may be missing.
  Incorrect Configuration: The configuration settings for currency conversion or exchange rates may not be set up correctly.
  Data Inconsistencies: There may be inconsistencies in the master data or transaction data that reference the euro.
  
  
  Solution:
  To resolve the MQ404 error, you can follow these steps:
  
  
  Check Exchange Rate Types:
  
  Go to the transaction code OB08 (Maintain Exchange Rates).
  Verify that the exchange rate type you are using is defined and that