What is Payment Control in SAP AP-PAY - FIN Payment Processing?

SAP Term: Payment Control

• Component: AP-PAY

• Component Name: FIN Payment Processing

• Description: An agreement between a company and a business partner on processing payments for an individual business transaction.

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• Key Concepts: 
  Payment Control is a component of the SAP Financial Accounting (FI) module. It is used to manage and control payments made to vendors and customers. It allows users to define payment methods, payment terms, and payment blocks. It also provides a way to monitor and track payments, as well as to generate payment proposals. 
  
  How to use it: 
  Payment Control can be used to define payment methods, such as checks, wire transfers, or credit cards. Payment terms can also be defined, such as due dates or discounts for early payments. Payment blocks can be set up to prevent certain payments from being made until certain conditions are met. Payment proposals can be generated based on the defined payment terms and blocks. 
  
  Tips & Tricks: 
  When setting up Payment Control, it is important to ensure that all payment methods, terms, and blocks are properly configured. This will help ensure that payments are made in a timely manner and that any potential issues are identified quickly. 
  
  Related Information: 
  Payment Control is part of the SAP Financial Accounting (FI) module. Other components of the FI module include General Ledger Accounting (GL), Accounts Payable (AP), Accounts Receivable (AR), Asset Accounting (AA), and Bank Accounting (BA).