Currency Exchange rates have not been set for the Tax Currency

Module: Payables

Oracle Version: Oracle R12

Error Message:

Payables could not calculate tax due to: For the Currency XAF, there is either no exchange rate for currency AOA defined or it is not applicable for 01-JAN-15. (TRX_CURRENCY_CONV_DATE=11-FEB-15)

Cause of Issue:

The invoice has a currency of XAF, the ledger has a currency of GBP and the tax has a currency of AOA. Whilst there may be corporate exchange rate between GBP and XAF, because the tax needs to record the AOA (tax currency) as well, an exchange rate between AOA and XAF also needs to be created.

Solution:

Create exchange rates between XAG and AOA for GL date.
Ask System Administrator to add Currency exchange rate.

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