Edit 9/16/15 View the main article for this error here
Here was the problem:
During my testing today, I came across an error from eConnect:
Error Number = 724 Stored Procedure taSopHdrIvcInsert Error Description = Invalid Currency, a Functional currency must be set up
I figured that it was a GP sales setup issue and looked for a default currency but couldn't find one. So I then passed in a valid currency id ("Z-US$") and received the following error:
Error Number = 492 Stored Procedure taMCCurrencyValidate Error Description = This company does not have access to this Currency ID or is Inactive
I then went into GP and set up access for the test company to "Z-US$" (Tools >> Setup >> System >> Multicurrency Access). I received the following error:
Error Number = 356 Stored Procedure taMCCurrencyValidate Error Description = The table MC40000 does not contain a Rate Type ID or is empty
Here was the suggested solution:
Go into Tools>Setup>System>Multi-Currency Access and make sure that the company that you are trying to access has access to Z-US$
Go into Tools > Setup > System > Currency Setup and be sure that Z-US$ is set up
Go into Tools > Setup > Financial > Multicurrency and set up a funcional currency
It sounds like 1 of 2 things:
1. Even thought the customer may not use Multi-Currency they still need to give the company access to Multi-Currency (Tools>Setup>System>Multi-Currency Access) as well as setup a functional currency for the Company
2. You are not passing a valid Currency ID into the transaction.
864342 Activity for this currency already exists. The functional currency cant be changed
863727 Error message when you try to enter a transaction in General Ledger in Microsoft Dynamics GP: "No functional currency has been selected"