In SAP all currencies are maintained as per the ISO standard. SAP provides currencies for every country and it also provides a flexibility of defining our own currencies. When we define local currency and foreign currencies for a company code then the transaction methods and the exchange rates etc should have been configured in place to get that reflected in FICO transactions. Below in this article we have provided steps and transaction codes on how to configure currency type in SAP.
Here are the steps that are followed to carry out settings for currency type in FICO:
Define Exchage rate type or Check Currency type
SPRO > SAP Net Weaver > General Settings > Currencies > Check Exchange Rate types
T code: OB07
From this you can check all standard delivered exchange rate types and by clicking on New Entries one can define a new exchange rate type. While defining the exchange rate type you should remember to put the correct ISO Code for the currency that you are defining.
Define currency translation ratios for currecny type
SPRO > SAP Net Weaver > General Settings > Currencies > Define translation ratios for currency translation
T Code: OBBS
Currency Exchange Rate
SPRO > SAP Net Weaver > General Settings > Currencies > Enter Exchange Rates
T Code: OB08
Setting for default exchange rate type for document type
SPRO > Financial Accounting > General Ledger Accounting > Business Transactions > Carry Out and check document settings > Define document type
T Code: OBA7
Define Valuation method
SPRO > Financial Accounting New > General ledger Accounting (New) > Periodic Processing > Valuate > Define Valuation Areas
T Code: OB59
Prepare automatic posting for foreign currency valuation
SPRO > Financial Accounting (New) > General Ledger Accounting (New) > Business transaction > Periodic Processing > Valuate > Foreign Currency Valuation > Prepare Automatic posting for foreign currency valuation
T Code: OBA1
Forex Run for closing date
T code: F.05
If you have any questions on currency type then please let us know. We will address those questions either through a reply to you or by updating this article.
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