What is currency class in SAP FS-BA-SD - Source Data?

SAP Term: currency class

• Component: FS-BA-SD

• Component Name: Source Data

• Description: A means of classifying currencies defined for the primary object "Country." You create currency classes in Customizing.

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• Key Concepts: 
  Currency class is a feature of the SAP Financial Services (FS-BA-SD) source data that allows users to define a currency for each account. This currency is then used to calculate the exchange rate for all transactions in the account. The currency class also allows users to define a base currency, which is used as the reference currency for all transactions. 
  
  How to use it: 
  To use the currency class feature, users must first define a currency for each account in the FS-BA-SD source data. This can be done by selecting the “Currency Class” option from the “Accounts” tab in the source data. Once a currency has been selected, users can then define a base currency for all transactions in the account. This can be done by selecting the “Base Currency” option from the “Accounts” tab in the source data. 
  
  Tips & Tricks: 
  When defining a base currency, it is important to select a currency that is widely used and accepted in international markets. This will ensure that all transactions in the account are accurately calculated using the correct exchange rate. Additionally, it is important to ensure that all accounts have a unique currency class assigned to them, as this will prevent any confusion when calculating exchange rates. 
  
  Related Information: 
  For more information on how to use the currency class feature of SAP Financial Services (FS-BA-SD) source data, please refer to SAP’s official documentation on the topic. Additionally, there are many online tutorials and videos available that provide step-by-step instructions on how to set up and use this feature.