How To Fix MQ457 - You can only enter directly quoted exchange rates

SAP Error Message - Details

• Message type: E = Error

• Message class: MQ - Messages for Euro Changeover Package

• Message number: 457

• Message text: You can only enter directly quoted exchange rates

Self-Explanatory Message

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Smart SAP Assistant

• What is the cause and solution for SAP error message MQ457 - You can only enter directly quoted exchange rates ?

  The SAP error message MQ457, "You can only enter directly quoted exchange rates," typically occurs when you are trying to enter an exchange rate that is not in the correct format or type expected by the system. This error is often encountered in the context of foreign currency transactions, particularly when dealing with exchange rate types.
  Cause:
  
  Incorrect Exchange Rate Type: The system expects a directly quoted exchange rate (where the foreign currency is quoted in terms of the local currency) but you may be trying to enter an indirectly quoted rate (where the local currency is quoted in terms of the foreign currency).
  Configuration Issues: The exchange rate type you are using may not be configured correctly in the system.
  Data Entry Error: There may be a simple mistake in how the exchange rate is being entered, such as using the wrong currency pair.
  
  Solution:
  
  Check Exchange Rate Type: Ensure that you are using the correct exchange rate type that corresponds to directly quoted rates. You can check this in the configuration settings of your SAP system.
  Verify Currency Pair: Make sure that you are entering the exchange rate for the correct currency pair. For example, if you are working with USD to EUR, ensure that you are entering the rate as EUR/USD.
  Use the Correct Format: Ensure that the exchange rate is entered in the correct format. For directly quoted rates, it should typically be a numeric value representing how much of the local currency is equivalent to one unit of the foreign currency.
  Consult Documentation: Refer to SAP documentation or help resources for guidance on how to enter exchange rates correctly.
  Configuration Review: If you have access, review the configuration settings for exchange rates in the SAP system (transaction code OB08) to ensure that the exchange rate types are set up correctly.
  
  Related Information:
  
  Transaction Codes: You may need to use transaction codes like OB08 (Maintain Exchange Rates) to review or update exchange rates.
  SAP Notes: Check for any relevant SAP Notes that may address this specific error or provide additional guidance.
  User Roles and Permissions: Ensure that you have the necessary permissions to enter or modify exchange rates in the system.
  Testing: After making any changes, test the entry again to confirm that the error has been resolved.
  
  If the issue persists after following these steps, it may be beneficial to consult with your SAP support team or a functional consultant who specializes in financial transactions within SAP.