What is open item management in SAP FI - Financial Accounting?

SAP Term: open item management

• Component: FI

• Component Name: Financial Accounting

• Description: A setting in the master record for an account which requires each posting to the account to be offset by another posting to that account. Items must balance to zero before they can be cleared. The account balance is therefore always equal to the sum of the open items.

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• Key Concepts: 
  Open item management is a feature of SAP Financial Accounting (FI) that allows users to manage open items in their accounts. Open items are financial transactions that have not yet been settled, such as invoices or payments. Open item management helps users keep track of these transactions and ensure that all open items are settled in a timely manner. 
  
  How to use it: 
  Open item management can be used to view all open items in an account, as well as to create new open items. Users can also use the feature to settle open items, either individually or in bulk. Additionally, users can use open item management to view the status of each open item, such as whether it has been paid or not. 
  
  Tips & Tricks: 
  When using open item management, it is important to ensure that all open items are settled in a timely manner. This will help prevent any delays in payments and ensure that all transactions are accounted for accurately. Additionally, it is important to regularly review the status of each open item to ensure that all payments have been received and processed correctly. 
  
  Related Information: 
  For more information on open item management, please refer to the SAP Help Portal or contact your local SAP support team. Additionally, there are several online resources available that provide detailed information on how to use this feature in SAP FI.