What is payment medium format supplement in SAP FI-BL - Bank Accounting?

SAP Term: payment medium format supplement

• Component: FI-BL

• Component Name: Bank Accounting

• Description: A key used in a business context to describe data of selected payment medium format. For example, a payment medium format supplement can be printed in the code line of the payment medium or transferred into the appropriate field during data medium exchange. &EXAMPLE& With debit memos, you can use this to help distinguish between collection and direct debiting procedure.

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• Key Concepts: 
  Payment Medium Format Supplement (PMFS) is a component of the SAP Financial Accounting (FI-BL) Bank Accounting module. It is used to define the format of payment media, such as checks, direct debits, and electronic payments. PMFS also allows users to define the layout of payment documents, such as payment advice notes and payment orders. 
  
  How to use it: 
  To use PMFS, users must first define the format of the payment media they wish to use. This includes specifying the type of payment media (e.g. check or direct debit), the layout of the payment document (e.g. payment advice note or payment order), and any additional information that needs to be included in the document (e.g. customer name and address). Once the format has been defined, users can then create payment documents using this format. 
  
  Tips & Tricks: 
  When defining a payment medium format, it is important to ensure that all necessary information is included in the document. This includes customer name and address, as well as any additional information that may be required by the bank or other financial institution. Additionally, it is important to ensure that all fields are correctly formatted and that all data is accurate. 
  
  Related Information: 
  For more information on Payment Medium Format Supplement (PMFS), please refer to the SAP Help Portal or contact your local SAP support team. Additionally, there are several online resources available which provide detailed instructions on how to use PMFS in SAP FI-BL Bank Accounting.