What is 'promise to pay' in SAP FIN-FSCM-COL - Collections Management?

promise to pay - Overview

• Component: FIN-FSCM-COL

• Component Name: Collections Management

• Description: Commitment from a customer to pay an invoice in the future

promise to pay - Details

• 
  Key Concepts: 
  Promise to Pay is a feature in SAP Collections Management that allows customers to make a commitment to pay an outstanding debt. This commitment is legally binding and can be used as evidence in court if the customer fails to make the payment. The Promise to Pay feature also allows customers to make partial payments, which can be tracked and monitored in the system. 
  
  How to use it: 
  To use the Promise to Pay feature, customers must first enter their commitment into the system. This can be done through the SAP GUI or through a web-based interface. Once the commitment is entered, it will be stored in the system and can be monitored and tracked. Customers can also make partial payments, which will be tracked and monitored in the system. 
  
  Tips & Tricks: 
  When entering a Promise to Pay commitment, it is important to ensure that all of the information is accurate and up-to-date. This will help ensure that the customer’s commitment is legally binding and can be used as evidence in court if necessary. It is also important to monitor and track any partial payments that are made, as this will help ensure that all payments are accounted for. 
  
  Related Information: 
  For more information on using the Promise to Pay feature in SAP Collections Management, please refer to the official SAP documentation