Currency Translation Parameters

Hello All,

I have been given new labour recovery rates for specific activity types in SAP which I have been able to update based on the object currency. However there are some cost centres which have an object currency of Euro's but a controlling area currency of Sterling (GBP). I need to ensure when I post direct labour hours, the object currency for this activity type / cost centre (i.e. Eur) is translated back to the controlling area currency (i.e. GBP) at a specific exchange rate. I have been told I can do this by setting the currency translation parameters but I am not sure how to set them and is this the correct way of doing it?

Any help would be much appreciated.

Many thanks!