Foreign Currency Translation Skip to end of metadata Attachments:25 Added by Cora Phelan , last edited by Cora Phelan on Jan 29, 2014 (view change ) Go to start of metadata Purpose This wiki provides an outline of configuation and posting for FASB52 logic. It outlines the help.sap.com documentation in relation to example. Please be clear this is only an example, customizing can vary based on your own legal requirements. Overview From help.sap.com documentation the following is stated on foreign currency translation Currency Translation Use You can translate your account balances from local currency into group currency. The translation is performed in accordance with FASB 52 (US GAAP) or IAS. However, you can also perform the currency translation for other currency types. Integration In General Ledger Accounting, you can only perform a currency translation as part of the foreign currency valuation. Prerequisites - You have performed a foreign currency valuation and have made all the settings for it in Customizing (see Foreign Currency Valuation). - You have defined account determination for the translation in Customizing for Financial Accounting (New). To do this, in the Implementation Guide for Financial Accounting (New), choose General Ledger Accounting (New) -> Periodic Processing ->Valuate -> Foreign Currency Valuation -> Define Account Determination for Currency Translation. On the basis of the financial statement version, you can define different exchange rate types for each financial statement item and thereby different exchange rates for the valuation. Features The account balances are translated from local currency into group currency. Activities - To perform a currency translation, from the SAP Easy Access screen, choose Accounting -> Financial Accounting -> General ledger/Accounts Receivable/Accounts Payable -> Periodic Processing -> Closing -> Valuate -> Currency Translation of Balances. - In the general selection data, enter a valuation area (for translation into group currency, for example, enter the valuation area with your group currency).
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Foreign Currency TranslationSkip to end of metadata
Attachments:25 Added by Cora Phelan, last edited by Cora Phelan on Jan 29, 2014 (view change)
Go to start of metadata
PurposeThis wiki provides an outline of configuation and posting for FASB52 logic. It outlines the help.sap.com documentation in
relation to example. Please be clear this is only an example, customizing can vary based on your own legal requirements.
OverviewFrom help.sap.com documentation the following is stated on foreign currency translation
Currency Translation
Use
You can translate your account balances from local currency into group currency. The translation is performed in
accordance with FASB 52 (US GAAP) or IAS.
However, you can also perform the currency translation for other currency types.
Integration
In General Ledger Accounting, you can only perform a currency translation as part of the foreign currency valuation.
Prerequisites
- You have performed a foreign currency valuation and have made all the settings for it in Customizing (see Foreign
Currency Valuation).
- You have defined account determination for the translation in Customizing for Financial Accounting (New).
To do this, in the Implementation Guide for Financial Accounting (New), choose General Ledger Accounting (New) -