What is contract account in SAP CRM-S4-SOM - S4CRM: Subscription Order Management?

SAP Term: contract account

• Component: CRM-S4-SOM

• Component Name: S4CRM: Subscription Order Management

• Description: An account in which posting data for contracts or contract items is processed in Contract Accounts Receivable and Payable FI-CA. Here, you also you define and maintain master data for business partner-specific procedures, such as payment methods, that can be defined and applied during further processing of the postings.

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• Key Concepts: 
  A contract account is a type of account in SAP S4CRM Subscription Order Management (SOM) that is used to manage customer contracts. It stores all the information related to a customer’s subscription, such as the duration of the contract, the payment terms, and any discounts or promotions associated with the subscription. The contract account also stores information about the customer’s usage of the subscription, such as how much they have used and when they last used it. 
  
  How to use it: 
  Contract accounts are created when a customer signs up for a subscription. The customer’s information is stored in the contract account, and any changes to the subscription are also recorded in the account. The contract account can be used to track usage and billing information for the customer’s subscription. It can also be used to generate reports on usage and billing information for customers. 
  
  Tips & Tricks: 
  It is important to keep track of all changes made to a customer’s contract account, as this will help ensure that billing and usage information is accurate. It is also important to regularly review the contract account to ensure that all information is up-to-date and accurate. 
  
  Related Information: 
  For more information on SAP S4CRM Subscription Order Management (SOM), please visit https://help.sap.com/viewer/product/SAP_S4CRM_Subscription_Order_Management/en-US