What is Bank Account Management in SAP FIN-FSCM-CLM - Cash and Liquidity Management?

SAP Term: Bank Account Management

• Component: FIN-FSCM-CLM

• Component Name: Cash and Liquidity Management

• Description: A sub-component of SAP Cash Management powered by SAP HANA. It enables cash managers to centrally manage bank accounts using bank account master data with workflow processes, controlling payments using flexible payment approval patterns, performing regular bank account reviews, as well as defining cash pools and performing cash concentration.

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• Key Concepts: 
  Bank Account Management is a component of SAP Cash and Liquidity Management (FIN-FSCM-CLM) that enables companies to manage their bank accounts and related transactions. It provides a comprehensive overview of all bank accounts, including account balances, transactions, and payment statuses. It also allows companies to set up and maintain bank accounts, as well as manage payments and collections. 
  
  How to use it: 
  Bank Account Management can be used to set up and maintain bank accounts, as well as manage payments and collections. It provides a comprehensive overview of all bank accounts, including account balances, transactions, and payment statuses. It also allows companies to define payment methods, such as direct debit or credit card payments. Additionally, it can be used to monitor cash flows and liquidity positions. 
  
  Tips & Tricks: 
  When setting up a new bank account in Bank Account Management, it is important to ensure that all the necessary information is entered correctly. This includes the bank’s name, address, account number, and other relevant details. Additionally, it is important to ensure that the correct payment methods are selected for each account. 
  
  Related Information: 
  Bank Account Management is part of the SAP Cash and Liquidity Management (FIN-FSCM-CLM) suite of products. Other components of this suite include Cash Position Management, Cash Flow Forecasting, and Liquidity Planning. Additionally, Bank Account Management can be integrated with other SAP modules such as Accounts Payable (FI-AP) and Accounts Receivable (FI-AR).