You attempt to upload exchange rates from Microsoft Excel® and receive the error message Exchange Rate for XYZ for Rate Type Default Exchange Rate Type already exists for Date Time MM-DD-YYYY XX:XX:XX
Reproducing the Issue
1. Go to General Ledger Work Center.
2. Go to Common Tasks > Edit Exchange Rates.
3. Click on Import button and select From Microsoft Excel® option.
4. Add the Valid From MM-DD-YYYY XX:XX:XX and try to upload.
5. System shows up the error saying Exchange Rate for XYZ for Rate Type Default Exchange Rate Type already exists for Date Time MM-DD-YYYY XX:XX:XX
Internally the exchange rate data is stored in UTC time zone in order to support the business of companies operating world wide.
The User Interface (UI) takes the time zone settings of the tenant and the personal settings of the user into account.
Example: In UTC time stamp is 01.05.2014 00:00
The UI will display 01.05.2014 00:00 as 30.04.2014 7 00 PM for time zone EST (example).
The Excel framework used for the exchange rate upload is not enabled to support time zones. This is not directly possible in Excel - Excel has no data formats/native support for this. Any date or time entered is considered as UTC time zone, as there is no time zone column in the excel sheet.
In order to resolve this issue, our recommendation is to assign UTC as time zone for users working on exchange rates and handle exchange rates in UTC time zone always.
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