Foreign Currency Revaluation and Translation with Freely-definable Currency

Global SAP customers often have a need for an operational currency that differs from the national currency their legal entity(s) resides in. To reconcile this discrepancy, SAP customers have, in the past, created mirror company codes, used special ledger, or performed currency conversion/translation in a data warehouse (i.e. SAP BW/BPC) to support their reporting needs. None of these workarounds are ideal. In this article, we highlight how to use only one freely-definable currency, technically called freely-definable currency 1 in SAP.

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MEET THE AUTHORS

James Stupple SAP FICO Consultant, delaware United Kingdom
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James is an ambitious SAP Functional Consultant specialized in the finance and controlling modules. Prior to beginning his SAP journey, he read economics at the University Of Birmingham. He has widened and developed his SAP skills at Delaware through involvement with multiple full-cycle implementations. He continues to broaden his expertise which includes SAP FICA as well as FICO 1709/1809 Cloud EX versions. James’ pastimes include sailing and golfing with his family.