What is currency key in SAP FI - Financial Accounting?

SAP Term: currency key

• Component: FI

• Component Name: Financial Accounting

• Description: A component of a structure or database table of type CUKY defined in the ABAP Dictionary. A currency key can be linked with a currency field of a structure or database table. The currency key can contain a currency ID from database table TCURC that defines the currency for the currency field. The standard number of decimal places for a currency is two. Currencies that use a different number of decimal places have to be entered in addition in table TCURX, where you can explicitly define the number of decimal places.

Smart SAP Assistant

• Key Concepts: 
  A currency key is a unique identifier used in SAP Financial Accounting (FI) to define a currency. It is used to store and process data in the correct currency. The currency key consists of three characters, which are usually the ISO 4217 currency code. For example, USD is the currency key for US Dollars. 
  
  How to use it: 
  The currency key is used in various FI transactions, such as creating a vendor master record or entering an invoice. When entering a transaction, the user must select the appropriate currency key from a list of available currencies. This ensures that the transaction is processed in the correct currency. 
  
  Tips & Tricks: 
  When entering a transaction, it is important to select the correct currency key. If the wrong currency key is selected, it can lead to incorrect data being stored and processed. 
  
  Related Information: 
  The currency key is closely related to exchange rate types, which are used to convert between different currencies. Exchange rate types are also used to convert between different currencies when entering transactions.