What is restatement type in SAP FI-GL-CU-MCA - Multi Currency Accounting?

SAP Term: restatement type

• Component: FI-GL-CU-MCA

• Component Name: Multi Currency Accounting

• Description: Process type used in restatement.

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• Key Concepts: 
  Restatement type is a feature of Multi Currency Accounting (MCA) in SAP Financial Accounting (FI-GL-CU). It allows users to restate the value of an open item in a foreign currency to its equivalent value in the local currency. This is done by using a restatement rate, which is the exchange rate used to convert the foreign currency into the local currency. 
  
  How to use it: 
  To use the restatement type feature, users must first set up a restatement rate in the system. This can be done by entering a rate manually or by importing a rate from an external source. Once the rate is set up, users can then select the restatement type when creating an open item in a foreign currency. The system will then automatically convert the value of the open item into its equivalent value in the local currency using the restatement rate. 
  
  Tips & Tricks: 
  It is important to ensure that the restatement rate used is up-to-date and accurate. This will ensure that the converted values are accurate and reliable. Additionally, users should be aware that restatement types can only be used for open items and not for closed items. 
  
  Related Information: 
  For more information on Multi Currency Accounting and how to use restatement types, please refer to SAP Help documentation or contact your SAP support team.