What is partial payment in SAP FI - Financial Accounting?

SAP Term: partial payment

• Component: FI

• Component Name: Financial Accounting

• Description: A payment in partial settlement of an outstanding invoice amount.

Smart SAP Assistant

• Key Concepts: 
  Partial payment is a feature in SAP Financial Accounting (FI) that allows customers to pay for goods or services in installments. This feature allows customers to pay for goods or services over a period of time, rather than paying the full amount upfront. Partial payments can be made in multiple installments, and the customer can choose the payment method (e.g. credit card, bank transfer, etc.). 
  
  How to use it: 
  In order to use partial payments in SAP FI, the customer must first set up a payment plan. This plan should include the total amount due, the number of installments, and the payment method. Once the payment plan is set up, the customer can make partial payments according to the plan. The customer can also view their payment history and make changes to their payment plan if needed. 
  
  Tips & Tricks: 
  When setting up a partial payment plan, it is important to consider the customer’s financial situation and ability to make payments on time. It is also important to ensure that all payments are recorded accurately in SAP FI so that there are no discrepancies between what was paid and what was due. 
  
  Related Information: 
  Partial payments are a great way for customers to pay for goods or services over time without having to pay the full amount upfront. This feature is available in SAP FI and can be used by customers who need more flexibility when it comes to making payments.