What is 'local currency' in SAP FS-PM - Policy Management?

local currency - Overview

• Component: FS-PM

• Component Name: Policy Management

• Description: Currency of the company code of an insurance company. The local currency is also the currency in which the products that the company sells are defined.

local currency - Details

• 
  Key Concepts: 
  Local currency is a term used in SAP FS-PM Policy Management to refer to the currency of the country in which a policy is being created. This currency is used to determine the amount of money that will be paid out for a policy. 
  
  How to use it: 
  When creating a policy in SAP FS-PM Policy Management, the user must select a local currency. This currency will be used to determine the amount of money that will be paid out for the policy. The user can select from a list of available currencies or enter a custom currency. 
  
  Tips & Tricks: 
  It is important to select the correct local currency when creating a policy in SAP FS-PM Policy Management. If the wrong currency is selected, it could result in incorrect payments being made. 
  
  Related Information: 
  SAP FS-PM Policy Management also allows users to select a foreign currency, which is used to determine the amount of money that will be paid out for policies created in other countries.