What is challenger collection strategy in SAP FI-CA - Contract Accounts Receivable and Payable?

SAP Term: challenger collection strategy

• Component: FI-CA

• Component Name: Contract Accounts Receivable and Payable

• Description: A collection strategy that, when dunning by collection strategy is used, replaces the champion strategy in the master data of the business partner. In conjunction with test series, certain master data is assigned to the challenger strategy for the duration of the test series.

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• Key Concepts: 
  The Challenger Collection Strategy is a feature of the FI-CA Contract Accounts Receivable and Payable component of SAP. It is a tool that helps companies manage their receivables and payables by automating the collection process. The strategy allows companies to set up rules for when and how to collect payments from customers, as well as when and how to pay vendors. 
  
  How to use it: 
  The Challenger Collection Strategy can be used to automate the collection process by setting up rules for when and how to collect payments from customers, as well as when and how to pay vendors. The rules can be customized based on the company’s specific needs. For example, a company may choose to set up rules that require customers to pay within a certain time frame or that require vendors to be paid within a certain time frame. 
  
  Tips & Tricks: 
  When setting up the Challenger Collection Strategy, it is important to consider the company’s specific needs and goals. It is also important to ensure that the rules are clear and easy to understand so that they can be followed correctly. Additionally, it is important to regularly review the rules and make adjustments as needed. 
  
  Related Information: 
  The Challenger Collection Strategy is part of the FI-CA Contract Accounts Receivable and Payable component of SAP. It is also related to other features such as payment terms, payment methods, and payment schedules. Additionally, it is related to other components of SAP such as FI-CA Cash Management and FI-CA Credit Management.