INV-0008 Cannot convert current currency to base currency

Document ID : KB000023291
Last Modified Date : 14/02/2018
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Symptom:

We have a Multi-Currency enabled system with active currencies and defined foreign exchange rates.  

When the user navigates to the Financial Summary page and attempts to change the Currency code, an error is generated:

INV-0008:  Cannot convert current currency to base currency

Why is this message shown?  We have defined TO and FROM exchange rates in the Financial Setup.

Steps to Reproduce:

  1. Login to the application as Project Manager
  2. Open a project that does not have any detailed financial plans created
  3. Navigate to the Financial Summary or simple budget page
  4. Change the 'Currency' code
  5. Click 'Save'

Expected Result: Save successful, no error message

Actual Result: Error Message - INV-0008:  Cannot convert current currency to base currency

Resolution:

In a multi-currency system, different exchange rate 'types' are used for different calculations. In order to change the currency code on the budget page, you need to have an 'Average' exchange rate set up. Also, it is important that an 'Average' exchange rate exists between the new project currency and base (system) currency.

Navigate to the following area to set up an average exchange rate.

  1. Login to the application as an Financial Administrator
  2. Navigate to Administration, Finance: Setup
  3. Click 'Foreign Exchange Rates' link
  4. Create TO and FROM relationships between different currencies, filling in the needed fields and selecting 'Average' under Exchange Rate Type

Additional Information:

Reference TEC489449 : Exchange Rate Types and their usages