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

SAP Term: champion collection strategy

• Component: FI-CA

• Component Name: Contract Accounts Receivable and Payable

• Description: A collection strategy stored in the master data of the business partner and used for dunning by collection strategy.

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• Key Concepts: 
  The champion 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 allowing them to prioritize certain customers or vendors for payment. This strategy helps companies to focus their resources on the most important customers or vendors, while still ensuring that all customers and vendors are paid in a timely manner. 
  
  How to use it: 
  The champion collection strategy can be used in two ways. First, it can be used to prioritize certain customers or vendors for payment. This allows companies to focus their resources on the most important customers or vendors, while still ensuring that all customers and vendors are paid in a timely manner. Second, it can be used to set up payment plans for customers or vendors who are unable to pay their bills in full. This allows companies to manage their receivables and payables more effectively. 
  
  Tips & Tricks: 
  When using the champion collection strategy, it is important to remember that it should not be used as a substitute for good customer service. Companies should still strive to provide excellent customer service, even when using this strategy. Additionally, companies should ensure that they are aware of any changes in the financial situation of their customers or vendors, as this could affect their ability to pay their bills in full. 
  
  Related Information: 
  The champion collection strategy is just one of many features available in the FI-CA Contract Accounts Receivable and Payable component of SAP. Other features include payment plans, credit limits, and dispute resolution tools. Additionally, SAP offers a variety of other components that can help companies manage their receivables and payables more effectively.