What is local currency in SAP FI-LC - Consolidation?

SAP Term: local currency

• Component: FI-LC

• Component Name: Consolidation

• Description: The currency of a company that belongs to a corporate group. If the local currency is not the same as the group currency, the local currency must be translated into the group currency.

Smart SAP Assistant

• Key Concepts: 
  Local currency is a term used in the FI-LC Consolidation component of SAP. It is the currency used to record and report financial transactions within a company's local accounting system. This currency is typically the same as the country's official currency, but it can also be different if the company operates in multiple countries with different currencies. 
  
  How to use it: 
  In SAP, local currency is used to record and report financial transactions within a company's local accounting system. This currency is typically the same as the country's official currency, but it can also be different if the company operates in multiple countries with different currencies. The local currency is used to calculate exchange rates and other financial calculations. 
  
  Tips & Tricks: 
  When setting up a new company in SAP, it is important to ensure that the correct local currency is selected. This will ensure that all financial transactions are recorded and reported accurately. Additionally, it is important to keep track of any changes in exchange rates that may affect the local currency. 
  
  Related Information: 
  For more information on local currency and how to use it in SAP, please refer to the SAP Help Portal or contact your SAP consultant. Additionally, there are many online resources available that provide detailed information on how to use local currency in SAP.