How To Fix >U408 - Currency key for a parallel currency is not defined for company code &1

SAP Error Message - Details

• Message type: E = Error

• Message class: >U -

• Message number: 408

• Message text: Currency key for a parallel currency is not defined for company code &1

Self-Explanatory Message

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Smart SAP Assistant

• What is the cause and solution for SAP error message >U408 - Currency key for a parallel currency is not defined for company code &1 ?

  The SAP error message U408 indicates that there is an issue with the currency settings for a specific company code in the system. This error typically arises when a parallel currency (such as a second currency used for reporting or accounting purposes) is not defined for the specified company code.
  Cause:
  
  Missing Parallel Currency Configuration: The company code does not have a parallel currency defined in its settings.
  Incorrect Configuration: The configuration for the parallel currency might be incorrect or incomplete.
  Currency Type Not Set: The currency type for the parallel currency may not be set up properly in the system.
  
  Solution:
  To resolve the U408 error, you can follow these steps:
  
  
  Check Company Code Settings:
  
  Go to the transaction code OBY6 (or navigate through the menu: SPRO > Financial Accounting > General Ledger > Master Data > G/L Account > Prepare for Migration > Define Company Code).
  Select the relevant company code and check the currency settings.
  
  
  
  Define Parallel Currency:
  
  If a parallel currency is not defined, you will need to define it. You can do this in the same configuration area where you checked the settings.
  Ensure that you specify the correct currency type (e.g., 30 for group currency, 10 for transaction currency).
  
  
  
  Check Currency Types:
  
  Ensure that the currency types are correctly assigned. You can check this in the configuration settings for the company code.
  Make sure that the parallel currency is set up correctly in the system.
  
  
  
  Review Master Data:
  
  Check if the relevant G/L accounts are set up to allow for parallel currencies. This can be done in the G/L account master data.
  
  
  
  Testing:
  
  After making the necessary changes, perform a test transaction to ensure that the error does not occur again.
  
  
  
  Related Information:
  
  Transaction Codes: 
  
  OBY6: Define Company Code
  OB22: Define Currencies
  FS00: G/L Account Master Data
  
  
  Documentation: Refer to SAP Help documentation for detailed steps on configuring currencies and company codes.
  Support: If the issue persists after checking the configurations, consider reaching out to your SAP support team or consulting SAP Notes for any known issues related to this error.
  
  By following these steps, you should be able to resolve the U408 error and ensure that the parallel currency is correctly defined for the company code in question.