What is OKV in SAP FS-LOC-RU - Localization of Banking in Russia?

SAP Term: OKV

• Component: FS-LOC-RU

• Component Name: Localization of Banking in Russia

• Description: The Russian system for codifying currencies. This system overlaps with ISO 4217 with several exclusions; not all codes in ISO are present in OKV. Unlike ISO, OKV does not contain numeric codes for precious metals.

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• Key Concepts: 
  OKV stands for the Official Currency of the Russian Federation. It is the official currency used in Russia and is used to calculate the value of goods and services in Russia. The FS-LOC-RU Localization of Banking in Russia component is a part of the SAP ERP system that enables customers to use OKV for their banking transactions. 
  
  How to use it: 
  The FS-LOC-RU Localization of Banking in Russia component allows customers to use OKV for their banking transactions. This component provides customers with the ability to process payments, manage accounts, and generate reports in OKV. Additionally, customers can use this component to set up payment methods and payment terms in OKV. 
  
  Tips & Tricks: 
  When using the FS-LOC-RU Localization of Banking in Russia component, it is important to ensure that all transactions are properly recorded in OKV. Additionally, customers should be aware of any exchange rate fluctuations that may affect their transactions. 
  
  Related Information: 
  For more information about the FS-LOC-RU Localization of Banking in Russia component, please refer to the SAP Help Portal or contact your local SAP representative. Additionally, customers can find more information about OKV on the Central Bank of Russia website.