What is currency in SAP FI - Financial Accounting?

SAP Term: currency

• Component: FI

• Component Name: Financial Accounting

• Description: A medium of exchange in current use within a particular country.

Smart SAP Assistant

• Key Concepts: 
  Currency in SAP FI Financial Accounting is a unit of measure used to record and report financial transactions. It is used to represent the value of a transaction in terms of a specific currency. In SAP, currencies are defined as either local or foreign. Local currencies are those used in the country where the company is based, while foreign currencies are those used outside of the company's home country. 
  
  How to use it: 
  In SAP FI Financial Accounting, currencies are used to record and report financial transactions. When entering a transaction, the currency must be specified. This can be done by selecting the appropriate currency from the drop-down list. Once selected, the currency will be used to calculate the value of the transaction. 
  
  Tips & Tricks: 
  When entering a transaction in SAP FI Financial Accounting, it is important to ensure that the correct currency is selected. This will ensure that the value of the transaction is accurately calculated and reported. Additionally, it is important to note that some currencies may require additional information such as exchange rates or conversion factors in order to accurately calculate the value of a transaction. 
  
  Related Information: 
  For more information on currencies in SAP FI Financial Accounting, please refer to the official SAP documentation at https://help.sap.com/viewer/product/SAP_FI/Financial_Accounting/en-US