What is in custody in SAP FI - Financial Accounting?

SAP Term: in custody

• Component: FI

• Component Name: Financial Accounting

• Description: Being held by another party that manages collection and payment of the bill of exchange.

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• Key Concepts: 
  In custody is a term used in SAP Financial Accounting (FI) to refer to the process of transferring assets from one party to another. This process is used when a company needs to transfer assets, such as cash or securities, from one account to another. The assets are held in custody until the transfer is complete. 
  
  How to use it: 
  In SAP FI, the in custody process is initiated by creating a transfer order. This order contains information about the asset being transferred, such as the type of asset, the amount being transferred, and the accounts involved. Once the order is created, it is sent to the custodian bank for processing. The custodian bank then holds the asset in custody until the transfer is complete. 
  
  Tips & Tricks: 
  When creating a transfer order for an in custody transaction, it is important to ensure that all of the information provided is accurate and up-to-date. This will help ensure that the transaction is processed quickly and efficiently. Additionally, it is important to keep track of all transfer orders and their associated assets in order to ensure that all assets are accounted for and transferred correctly. 
  
  Related Information: 
  In SAP FI, in custody transactions can be tracked using the Asset Transfer Monitor (ATM). The ATM provides an overview of all in custody transactions and allows users to view details such as the status of each transaction and any associated documents. Additionally, users can use the ATM to create new transfer orders or cancel existing ones.