What is 'payment confirmation' in SAP AP-PAY - FIN Payment Processing?

payment confirmation - Overview

• Component: AP-PAY

• Component Name: FIN Payment Processing

• Description: The transferred payments that are confirmed by bank statements or cash payments.

payment confirmation - Details

• 
  Key Concepts: 
  Payment confirmation is a process in the Accounts Payable (AP) component of SAP's Financial Accounting (FI) module. It is used to confirm that payments have been made to vendors and suppliers. The payment confirmation process involves entering the payment details into the system, verifying the accuracy of the data, and then confirming the payment. 
  
  How to use it: 
  To use payment confirmation in SAP, first enter the payment details into the system. This includes the vendor name, invoice number, payment amount, and other relevant information. Once all of the data has been entered, verify that it is accurate and then confirm the payment. 
  
  Tips & Tricks: 
  When entering payment details into SAP, make sure to double-check all of the information for accuracy. This will help ensure that payments are made correctly and on time. Additionally, it is important to keep track of all payments that have been made so that they can be easily referenced in the future. 
  
  Related Information: 
  Payment confirmation is part of SAP's Financial Accounting (FI) module. Other components of this module include Accounts Receivable (AR), General Ledger (GL), and Asset Accounting (AA). Additionally, there are other processes related to payment confirmation such as vendor invoice processing and vendor master data maintenance.