What is due date in SAP FI - Financial Accounting?

SAP Term: due date

• Component: FI

• Component Name: Financial Accounting

• Description: Date on which payment is due according to the terms of payment agreed between the total invoice payer or the monthly invoice recipient and the company issuing the invoices.

Smart SAP Assistant

• Key Concepts: 
  Due date is a term used in SAP Financial Accounting (FI) to refer to the date by which a payment or invoice must be received or paid. It is an important part of the financial process, as it helps to ensure that payments are made on time and that invoices are received in a timely manner.
  
  How to use it: 
  In SAP FI, due dates are set when creating invoices or payments. The due date can be set manually or automatically based on the payment terms of the customer or vendor. Once the due date is set, it will be displayed on the invoice or payment document.
  
  Tips & Tricks: 
  It is important to keep track of due dates in SAP FI, as late payments can lead to penalties and other issues. To help manage due dates, SAP FI provides a number of tools such as reminders and alerts that can be used to remind users when payments are due.
  
  Related Information: 
  Due dates are closely related to payment terms, which are used to define the payment terms for customers and vendors. Payment terms can be set manually or automatically based on customer or vendor preferences. Payment terms can also be used to define discounts and other incentives for customers and vendors.