Exchange rate type for company code &1 is not maintained

What causes this issue?

An exchange rate type must be entered for settlement in the respective
company code to convert between different currencies.

System Response

How to fix this error?

You can maintain the exchange rate type in the recycling partner dialog
in the detailed view of the company code.

Procedure for System Administrators

The system issues an error message and will not allow you to continue with this transaction until the error is resolved.

Error message extract from SAP system. Copyright SAP SE.