When translating a value coming from a Salesforce pick-list field, a translation for each option needs to be added to the translation matrix. Taking the status of a quotation as an example, each pick-list option is added to the translation matrix:
On the template side, create a placeholder which will display the Quotation status in the template.
Click on the Element tab and set the Content attribute to labels[FieldAPIName].
Labelsrefers to the default name of the translation matrix.
Followed is the name of the field to be translated. Note that in this case, quotations are not used.
As the field value resolves during the document generation process, for example, the value of Quote.Status__c is Approved, the translation matrix will retrieve the translation for the key Approved and the selected language.