Sometimes, when you create a payment in AP using foreign currency, you will get this message

APP-SQLAP-10020: Rate information is not available for this currency, date, and exchange rate type.
Enter rate information for this currency, date and exchange rate type in the Daily Rates window.

In Oracle R12, the payment can be committed even there is no rate available. However, this caused the accounting couldn’t be created which will be impacted to period close process.

So, you can do this step to handle missing exchange rate:

• Payments are created in the Payment Workbench with or without exchange rates based on the Payables options. If the exchange rate type is User, then the exchange rate must be given before the check can be created. If the exchange rate type is not User, and the required exchange rate entry check box has been checked, then the exchange rate must be available in the GL Daily Rates before the check can be created. However, if the exchange rate is not User and the required rates check box is not checked, a foreign currency check can be created without an exchange rate.

• Foreign currency payment created and maturity events should get accounted when the exchange rate fields are populated on the related checks and it should not be picked up by the accounting program when the exchange rate data is missing. In this case the AutoRate program should be run to populate the exchange rates.

• In the payment workbench form, maturity exchange date and maturity exchange rate fields should not be nullified when the user clicks on “Enter/Adjust Invoices” Button.

The conclusion is when you have missed the exchange rate in payment, just try the AutoRate in the concurrent program ([N] Other Concurrent, then click find and submit new request) to fill in the uncomplete payment information. This program will populate all payment which use foreign currency.