ERROR: A valid exchange rate could not be found. Choose Continue to open the Exchange Rate Entry window, where you can enter or select a valid date.

The following was the message one of the users received when she tried entering a Receiving Entry.

The currency was GBP and there was indeed a valid exchange rate that’s been uploaded on a daily basis. The rate validity duration is set to “Week”. That means, I have a rate which is valid till 23-Nov-2011.

The user mentioned to me that when she uses a particular batch, this message is thrown up. If any other batch is used, it picks up a rate without any issues.

When I checked the batch, I found the reason behind the issue.

Posting date of that batch was in future. This user had created a batch with the last day of this month as posting date, for which I don’t have a valid rate in the system. When I select this batch and then enter the currency, GP does not find a valid rate and throws above error message.

By default, the exchange rate for a transaction is taken from either the transaction date OR the batch posting date, if a batch is assigned before the currency is entered.

The user do not post the batch itself and always post individual transaction. Keeping this on mind, I had to recommend her in changing the posting date of that batch as first date of the month, so we always have a valid exchange rate for all currencies.

It’s quite a simple concept, but is very VERY critical.