What is 'local currency' in SAP SBO - SAP Business One?

local currency - Overview

• Component: SBO

• Component Name: SAP Business One

• Description: The currency in which the company's ledgers are managed. All reports are displayed in local currency, and all foreign currency transactions are translated automatically to local currency. The local currency enables the calculation of balances for multicurrency accounts and/or business partners. Thus, it is the common denominator for all currencies.

local currency - Details

• 
  Key Concepts: 
  Local currency is a term used in SAP Business One (SBO) to refer to the currency of the country in which the business is located. This currency is used to record all financial transactions and is the default currency for all accounts. It is also used to calculate exchange rates when dealing with foreign currencies. 
  
  How to use it: 
  In SBO, local currency is set up in the system settings. Once it is set up, all financial transactions will be recorded in this currency. Exchange rates can be set up for foreign currencies, and these will be used to convert foreign currency amounts into local currency amounts. 
  
  Tips & Tricks: 
  It is important to ensure that the local currency is set up correctly in SBO, as this will affect all financial transactions. It is also important to ensure that exchange rates are kept up-to-date, as this will affect the accuracy of financial reports. 
  
  Related Information: 
  For more information on setting up local currency and exchange rates in SBO, please refer to the official SAP Business One documentation.