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

SAP Term: payment plan

• Component: AP-PAY

• Component Name: FIN Payment Processing

• Description: A list of partial payments to be made for a product or service. The partial payments can be planned before, after, or on receiving the service. The payment plan contains the following information: Amounts or percentages Fees Payment schedule

Smart SAP Assistant

• Key Concepts: 
  A payment plan is a feature of the SAP Accounts Payable (AP) component of the SAP Financial Accounting (FI) module. It allows users to define payment terms for vendors and customers, and to manage payments in a timely and efficient manner. Payment plans can be used to define payment terms for both one-time and recurring payments. 
  
  How to use it: 
  Payment plans are created in the SAP system by defining payment terms, such as the due date, payment method, and payment currency. Once a payment plan is created, it can be assigned to vendors or customers. The payment plan will then be used to generate payments according to the defined terms. 
  
  Tips & Tricks: 
  When creating a payment plan, it is important to ensure that all relevant information is included. This includes the due date, payment method, and payment currency. Additionally, it is important to ensure that the payment plan is assigned to the correct vendor or customer. 
  
  Related Information: 
  The SAP Accounts Payable (AP) component of the SAP Financial Accounting (FI) module also includes features such as vendor master data management, invoice processing, and payment processing. Additionally, the SAP FI module includes features such as general ledger accounting, asset accounting, and cost accounting.