What is first currency in SAP FI-GL-CU-MCA - Multi Currency Accounting?

SAP Term: first currency

• Component: FI-GL-CU-MCA

• Component Name: Multi Currency Accounting

• Description: The foreign currency from which the functional currency is calculated.

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• Key Concepts: 
  First Currency is a term used in Multi Currency Accounting (MCA) in SAP. It is the currency that is used as the base currency for all transactions and is used to record all transactions in the general ledger. All other currencies are then converted into the first currency for reporting purposes. 
  
  How to use it: 
  In order to use First Currency, you must first set up a base currency in the system. This can be done by going to the Financial Accounting (FI) module and selecting the Multi Currency Accounting (MCA) option. Once you have selected this option, you will be able to select a base currency from a list of available currencies. Once you have selected your base currency, all transactions will be recorded in this currency. 
  
  Tips & Tricks: 
  When selecting a base currency, it is important to consider which currency will be most commonly used for transactions. This will help ensure that all transactions are recorded accurately and efficiently. Additionally, it is important to remember that all other currencies must be converted into the first currency for reporting purposes. 
  
  Related Information: 
  For more information on Multi Currency Accounting (MCA) in SAP, please refer to the official SAP documentation here: https://help.sap.com/viewer/product/SAP_ERP_Financials/6.0_SPS00/en-US