What is 'translation entry' in SAP FI-LC - Consolidation?

translation entry - Overview

• Component: FI-LC

• Component Name: Consolidation

• Description: A collection of financial statement items that are to be translated using the same translation key and exchange rate indicator. In the system, you can also create several translation entries for a financial statement item if the transaction types assigned to the item are to be translated using different exchange rates.

translation entry - Details

• 
  Key Concepts: 
  Translation entry is a feature of the FI-LC Consolidation component of SAP. It allows users to translate the financial statements of a company from one currency to another. This is done by creating a translation entry for each currency pair, which contains the exchange rate and other relevant information. The translation entry is then used to convert the financial statements from one currency to another. 
  
  How to use it: 
  To use the translation entry feature, users must first create a translation entry for each currency pair. This can be done in the FI-LC Consolidation component of SAP. Once the translation entry has been created, users can then use it to convert the financial statements from one currency to another. 
  
  Tips & Tricks: 
  When creating a translation entry, it is important to ensure that the exchange rate is accurate and up-to-date. Additionally, users should make sure that all relevant information is included in the translation entry, such as the date of the exchange rate and any other relevant information. 
  
  Related Information: 
  The FI-LC Consolidation component of SAP also includes features such as consolidation and elimination entries, which can be used to consolidate or eliminate financial statements from different companies or entities. Additionally, users can also use the FI-LC Consolidation component to generate reports and analyze financial data.