---
title: "Currency Translation"
description: "The Currency translation workspace is used to create, edit and delete transaction currencies, display currencies, and exchange rate tables in Lucanet."
source_url: https://support.lucanet.cloud/en/documentation/consolidation-financial-planning/platform-dimensions/currency-translation
language: en
last_updated: 2023-08-16
---
# Currency Translation

## Overview

The **Currency translation** workspace is used to create, edit and delete [transaction currencies](https://support.lucanet.cloud/en/documentation/glossary.md#transaction-currencies), [display currencies](https://support.lucanet.cloud/en/documentation/consolidation-financial-planning/platform-dimensions/currency-translation/create-configure-currency.md),and [exchange rate tables](https://support.lucanet.cloud/en/documentation/consolidation-financial-planning/platform-dimensions/currency-translation/create-configure-exchangerate-table.md) inLucanet.

Every posting in Lucanet must contain information about the currency in which the posting is to be performed. To this end, any number of **transaction currencies** are created in the **Currency translation** workspace. When creating a reporting entity, one of the defined transaction currencies is defined as **default currency**. The default currency for reporting entities is then automatically set for every posting within that reporting entity. In currency translation, the values of an organization element can be viewed in the transaction currency or in previously defined **display currencies**.

## Elements of the Workspace

The **Currency translation** workspace contains the following elements:

#### [Transaction currencies](https://support.lucanet.cloud/en/documentation/consolidation-financial-planning/platform-dimensions/currency-translation/create-configure-currency.md)

The transaction currency determines in what currency an amount is posted.

The following elements are always available in the **Transaction currencies** folder and cannot be deleted:

- **All transaction currencies:** The element **All transaction currencies** is used to calculate the total for all values independent of the transaction currency employed. The element **All transaction currencies** is used in the Lucanet CFO Solution Platform and in the CFP Add-in for Excel 365 when requesting values. No postings can be created for the element **All transaction currencies**.
- **Default transaction currency**: The element **Default transaction currency** is used as a reference to the default currency for a reporting entity.

#### [Display currencies](https://support.lucanet.cloud/en/documentation/consolidation-financial-planning/platform-dimensions/currency-translation/create-configure-currency.md)

The display currency determines the currency in which an amount is displayed. The following element is always available in the **Display currency** folder and cannot be deleted:

- **Default currency**: The **Default currency** element is used to query values and can be used in the Lucanet CFO Solution Platform and in the CFP Add-in for Excel 365.

#### [Exchange rate table](https://support.lucanet.cloud/en/documentation/consolidation-financial-planning/platform-dimensions/currency-translation/create-configure-currency.md)

The exchange rates between currencies are defined in exchange rate tables. For currency translations, Lucanet allows **year-to-date exchange rates** to be stored in addition to **average exchange rates** and **closing exchange rates** for all exchange rate relationships (transaction currencies and display currencies). You can create any number of exchange rate tables in order to model variants of the same exchange rate connections with different exchange rates in Lucanet, for example.