What is clearing procedure in SAP FI - Financial Accounting?

SAP Term: clearing procedure

• Component: FI

• Component Name: Financial Accounting

• Description: A procedure by which open items are cleared. This procedure enables you to post an incoming payment and clear the paid invoices in a single step.

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• Key Concepts: 
  Clearing procedure is a feature of SAP Financial Accounting (FI) that allows for the automatic clearing of open items in accounts receivable and accounts payable. It is used to reduce the number of open items in an account and to simplify the reconciliation process. The clearing procedure can be used to clear open items with the same amount, currency, and account assignment. 
  
  How to use it: 
  The clearing procedure can be used to clear open items in accounts receivable and accounts payable. To use it, you must first define a clearing rule in the system. This rule will determine which open items will be cleared and how they will be cleared. Once the rule is defined, you can then run the clearing procedure to automatically clear the open items that meet the criteria specified in the rule. 
  
  Tips & Tricks: 
  When setting up a clearing rule, it is important to consider the criteria that will be used to determine which open items will be cleared. For example, you may want to specify that only open items with the same amount, currency, and account assignment should be cleared. Additionally, you may want to set up multiple rules for different types of open items. 
  
  Related Information: 
  For more information on setting up and using the clearing procedure in SAP Financial Accounting (FI), please refer to SAP Help documentation or contact your local SAP support team.