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Currency BOl - Venezuelan Bolivar

Former Member
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Our client created a company code M119 with company code currency BOL (BOL Venezuelan Bolivar) and since the currency has been change since 01012008 to VEB.

1) can we change company code currency to VEB

2) what the steps and repercussion of the changes

Please advise

Thank you

Bali

Accepted Solutions (1)

Accepted Solutions (1)

Former Member
0 Kudos

This is covered very clearly in SAP Note No. 1064925 (service.sap.com/notes). Here is the complete text (just in case...)

Summary

Symptom

This note is related only to the process of the currency denomination in Venezuela where 1 VEF (Bolívar Fuerte) will represent 1.000 VEB (current Bolívar) from the 1st of January 2008.

This note describes a proposal how to enter the new currency Bolívar Fuerte.

Other terms

Bolívar Fuerte , currency changeover, denomination, Decreto N° 38.638

monetary reform, VEB, VEF.

Reason and Prerequisites

This is a preliminary note concerning the steps needed to add the new currency 'Bolívar Fuerte'

The new ISO currency code for the 'Boívar Fuerte' is proposed to be named VEF (2 Deciumals alternative ISO code 937)

Please check official ISO WEB Page:

http://www.iso.org/iso/support/faqs/faqs_widely_used_standards/widely_used_standards_other/currency_...

It is normally recommended to use ISO codes if your company has external or internal international business partners. The rest of this note assumes that it will be used the code VEF.

Solution

Customizing for the new currency code can be reached over the path

General Settings > Currencies or directly by using transaction the transaction code.

Customizing steps:

1. Add the new currency code using customizing point "Check currency

codes" (Transaction OY03).

Currency: 'VEF'

Long Text: 'Bolívar Fuerte'

Short Text: 'Bolívar Fuerte'

ISO code: 'VEF'

2. The Bolívar Fuerte will have two decimal places. NO entry should be made under the customizing point "Set decimal places for currencies" (Transaction OY04). So, this is by default.

The New Bolívar Fuerte (VEF) is equivalent to 1.000 Old Bolívar (VEB). For conversion to / from the old / new Bolívar, factors and exchange rates are needed.

The denomination will be realized via the ratio factors.

3. The exchange rate types for VEB / VEF

Under the customizing point "Check exchange rate types" (Transaction

OB07), define a new type with a Reference currency VEF. For example,

create the type VEBF. It is recommended to also check the box "fixed".

The entry would look as follows:

ExRt Usage Ref.crcy Buy.rt.at Sell.rt.at Inv EMU Fixed

VEBF Fixed exchange rate VEF X

4. The ratio factors VEB / VEF

Under the customizing point "Define translation ratios for currency

translation" (Transaction OBBS), enter the following entries:

ExRt From To Valid from Ratio Ratio Alt. ERT

VEBF VEF VEB 01.01.1800 1 1.000

VEBF VEB VEF 01.01.1800 1.000 1

M VEF VEB 01.01.1800 1 1.000 VEBF

M VEB VEF 01.01.1800 1.000 1 VEBF

If you are using Exchange rate types other than M, it will probably also be necessary to create entries for these, which look like the two "M" entries above.

The use of the "fixed exchange rates" under the new exchange rate type will result in a warning or error if a user attempts to use an exchange rate other than 1. The warning can be customized within the applications to produce an error message.

5. The exchange rate for VEB / VEF

Under the customizing point " Enter exchange rates" (Transaction OB08), enter the following exchange rate:

Entry in TCURR:

ExRt Valid From Indir.quot Ratio(from) From Dir.quot. Ratio(to) To

VEBF 01.01.1800 1.000 VEB 1,00000 1 VEF

6. Exchange rate type for foreign currency

Under the customizing point "Check exchange rate types" (Transaction

OB07), define a new type with a Reference currency VEF. For example,

create the type VEBX and the check the box "EMU" marked.

The determination of the ratio factors and the exhange rate of foreign currency to VEB will be done via VEF.

Example:

1 EUR = 2 VEF = 2.000 VEB

The entry would look as follows:

ExRt Usage Ref.crcy Buy.rt.at Sell.rt.at Inv EMU Fixed

VEBX Fixed exchange rate VEF X

7. The translation ratios for foreign currency:

For each existing pair of translation ratios between foreign currency and old Bolívar VEB it will be necessary to create the same relations for the new currency VEF.

Under the customizing point "Define translation ratios for currency translation" (Transaction OBBS), choose the menu point:

Selection criteria > By Contents.

In the pop-up, choose the fields "From currency" and "To currency". In the next pop-up, enter the field contents VEB for both the "From currency" and the "To currency" as well as the Oper. "OR". Press the button "Choose". You should now have selected all ratios where either the "from" or the "to" currency is VEB. Now select all found entries using the menu point Edit > Selections > Select All.

Copy the currency pairs and divert M (and maybe other exchangerate types in use) to the exchangerate type VEBX.

Entries in TCURF:

ExRt From To Valid from Ratio Ratio Alt. ERT

M VEB EUR 01.01.2008 1 1 VEBX

M EUR VEB 01.01.2008 1 1 VEBX

VEBX VEB EUR 01.01.2008 1 1

VEBX EUR VEB 01.01.2008 1 1

VEBX VEF VEB 01.01.1800 1 1.000

VEBX VEB VEF 01.01.1800 1.000 1

8. The exchange rate for foreign currency

Entry in TCURR:

ExRt Valid From Indir.quot Ratio(from) From Dir.quot. Ratio(to) To

VEBX 01.01.2008 1 EUR 0,50000 1 VEF

VEBX 01.01.2008 1.000 VEB 1,00000 1 VEF

9. Under the customizing point "Enter exchange rates" (Transaction OB08), enter the needed exchange rates that correspond to the new ratios established in step 5/8.

Additional Considerations:

a) If you are using Exchange rate types other than M, VEBF, and VEBX, then it probably will be necessary to customize them in a way similar to that shown above.

b) If you are using the Reference currency function for an exchange rate type, then it is only necessary to enter the rates in one direction.

c) If you are using multiple exchange rate types, then it is important

that the ratios for a currency pair are the same for all exchange rate

types.

d) The exchange rates entered above dated 01.01.1800 are needed for

technical reasons is not be used by the system for the conversion.

e) No document should be entered to the system using the

currency code VEF earlier than 01.01.2008. To avoid the usage like this it could be used 'Expinring Currencies' or the configuration of the currency should be not transported before 01.01.2008.

f) As of 01.01.2008 market rates should be maintained.(Typically rates for the VEF should be entered on a daily basis.) In any case, a rate per 01.01.2008 should be entered before any VEF documents are entered to the system.

g) Those customers which currently have the VEB as the company code

currency will need to convert their data after the closing of the fiscal year 2007. For the time from 01.01.2008 until the data conversion, it will benecessary to continue to maintain exchange rates in relation to the VEB or use the exchange rate type VEBX (see point 6 and followings). Please take into consideration that the translation ratios used for the VEB are probably different from those used for the VEF. See point 7 above.

h) Please note that for purposes of converting the historical exchange

rates in the individual documents in the system, the calculation is

performed using the original VEB document rate. For this purpose, the

historical rates in the exchange rate table are not used.

10. Consider whether it is desirable to activate the functionality for Expiring Currencies. This feature can be customized in the path General Settings --> Currencies --> Expiring Currencies.

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