Create Rate Line Error

[Teresa10]

When trying to create an Operational Plan, it defaults to the $50 per hour.  We are trying to create a rate line with the amount of 0, but whenever trying to create it, it comes back with an error 'budget reference rates are not available for 'currency code' in the specified period.'

At first I wasn't sure if it is because we use CAD not USD, so I changed it, and still the same error.

I have attached a screenshot of the error.

[David78]

We had this issue- it was really trial and error.  We had to create/delete rate models a few times.  We also tried changing the start dates of the rate lines within the rate models as well.   Once assigned to the projects, we ensured the project dates started when the rate models started

[yogesh41]

Hi,

When system calculates cost of the resource using hourly rate defined as per Rate Model, it converts all currency numbers into a common currency ( i.e. system/functional currency ) before doing any calculation. When you define Hourly rates in CAD, it needs to convert into system.functional currency before performing any arithmetic operation. 

That is the reason the system expect you to define CAD to USD conversion rates before you define any Rate Line. 

Hope that helps

Yogesh 

[Anusha_Rao]

Hi @yogesh41 ,

You have mentioned that system expect you to define CAD to USD conversion rates before you define any Rate Line.

Where should we define the conversion rates? Please clarify.

Thanks,

Anusha

[yogesh41]

Please refer Import rate lines into a rate model (servicenow.com) & Currencies and budget reference rates (servicenow.com) to know more about Budget Reference rate.

You will find module Financial Planning > Administration > Budget Reference Rate .

Yogesh