What is 'local currency' in SAP SRD-MD - FDN-Master Data?

local currency - Overview

• Component: SRD-MD

• Component Name: FDN-Master Data

• Description: The currency in which the local ledgers of a company are managed.

local currency - Details

• 
  Key Concepts: 
  Local currency is a term used in SAP to refer to the currency of the country in which a company operates. It is used to record and report financial transactions in the company's books. The local currency is also used to calculate exchange rates for foreign currencies. 
  
  How to use it: 
  In SAP, local currency is set up in the SRD-MD FDN-Master Data-Currency component. This component allows users to define the local currency and set up exchange rates for foreign currencies. Once the local currency is set up, it can be used to record and report financial transactions in the company's books. 
  
  Tips & Tricks: 
  When setting up the local currency in SAP, it is important to ensure that the exchange rates for foreign currencies are accurate. This will ensure that financial transactions are recorded and reported accurately. 
  
  Related Information: 
  For more information on setting up local currency in SAP, please refer to the SAP Help documentation. Additionally, there are many online resources available that provide detailed instructions on how to set up local currency in SAP.