What is personal financial statement item type in SAP CRM-IFS - Financial Services?

SAP Term: personal financial statement item type

• Component: CRM-IFS

• Component Name: Financial Services

• Description: Categorization of items with a measurable financial value. Examples of personal financial statement item types include salary, share, dividends, loan repayments, real estate, and household expenses.

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• Key Concepts: 
  Personal financial statement item type is a component of the SAP CRM-IFS Financial Services module. It is used to define the types of items that can be included in a personal financial statement. These item types can include assets, liabilities, income, and expenses. 
  
  How to use it: 
  The personal financial statement item type component is used to create and maintain the item types that will be included in a personal financial statement. This includes setting up the item type name, description, and other attributes such as whether it is an asset or liability. Once the item types have been created, they can be used to create a personal financial statement for an individual or business. 
  
  Tips & Tricks: 
  When creating a personal financial statement item type, it is important to ensure that all of the necessary information is included. This includes the name, description, and any other attributes that are required for the item type. Additionally, it is important to ensure that all of the item types are properly categorized as either an asset or liability. 
  
  Related Information: 
  For more information on personal financial statement item types and how to use them in SAP CRM-IFS Financial Services, please refer to the SAP Help documentation.