What is virtual bank account in SAP FI-CA - Contract Accounts Receivable and Payable?

SAP Term: virtual bank account

• Component: FI-CA

• Component Name: Contract Accounts Receivable and Payable

• Description: Account number used by companies to aid in processing real-time payments. Banks provide virtual account numbers and transmit them to the company. The company assigns a virtual account number to a business partner, so that each virtual bank account identifies a business partner uniquely.

Smart SAP Assistant

• Key Concepts: 
  A virtual bank account is a type of bank account that is created in the SAP system and used to manage payments and receivables. It is part of the FI-CA Contract Accounts Receivable and Payable component of SAP. It is used to store and manage customer payments, as well as to track receivables. 
  
  How to use it: 
  To use a virtual bank account, you must first create it in the SAP system. This can be done by entering the necessary information into the relevant fields in the FI-CA Contract Accounts Receivable and Payable component. Once created, you can then use the virtual bank account to manage customer payments and track receivables. 
  
  Tips & Tricks: 
  When creating a virtual bank account, make sure to enter all necessary information accurately. This will ensure that payments and receivables are tracked correctly. Additionally, it is important to keep the virtual bank account up-to-date with any changes in customer information or payment methods. 
  
  Related Information: 
  For more information on virtual bank accounts, please refer to the SAP Help Portal or contact your local SAP support team. Additionally, there are many online resources available that provide detailed instructions on how to create and manage virtual bank accounts in SAP.