What is reference rate in SAP FS-LOC-BR - Localization of Banking in Brazil?

SAP Term: reference rate

• Component: FS-LOC-BR

• Component Name: Localization of Banking in Brazil

• Description: An interest rate that is provided by the Central Bank of Brazil to index the balances of private and corporate savings accounts. Every day, the Central Bank of Brazil issues the reference rate of the previous day. The reference rate is known in Portuguese as 'taxa referencial'.

Smart SAP Assistant

• Key Concepts: 
  Reference rate is a feature of the FS-LOC-BR Localization of Banking in Brazil component of SAP. It is used to define the exchange rate between two currencies, and is used to calculate the value of a transaction in the local currency. The reference rate is set by the Central Bank of Brazil and is updated regularly. 
  
  How to use it: 
  In order to use the reference rate, users must first select the currency they wish to use for their transaction. Once this is done, they can enter the amount of the transaction in the local currency and the reference rate will be used to calculate the value of the transaction in the foreign currency. 
  
  Tips & Tricks: 
  It is important to remember that the reference rate is updated regularly, so it is important to check for any changes before making a transaction. Additionally, users should be aware that different currencies may have different reference rates, so it is important to select the correct currency before entering a transaction amount. 
  
  Related Information: 
  For more information on reference rates and how they are used in SAP, please refer to SAP's official documentation on FS-LOC-BR Localization of Banking in Brazil.