What is local payments in SAP FIN-FSCM-IHC - FSCM In-House Cash?

SAP Term: local payments

• Component: FIN-FSCM-IHC

• Component Name: FSCM In-House Cash

• Description: Payments made to an external business partner using a subsidiary within a country to centrally process payments for the participating affiliates.

Smart SAP Assistant

• Key Concepts: 
  Local payments are a type of payment made by a company to another company or individual within the same country. This type of payment is typically used for domestic transactions, such as paying suppliers or employees. In SAP, local payments are managed through the FSCM In-House Cash Management (FIN-FSCM-IHC) component. 
  
  How to use it: 
  The FIN-FSCM-IHC component allows users to manage local payments in SAP. This includes creating payment orders, setting up payment methods, and managing payment accounts. The component also provides features such as automatic payment processing and reconciliation of payments. 
  
  Tips & Tricks: 
  When setting up local payments in SAP, it is important to ensure that all relevant information is entered correctly. This includes the payment amount, currency, and bank details. Additionally, it is important to ensure that all payment orders are approved before they are processed. 
  
  Related Information: 
  The FIN-FSCM-IHC component also provides features for managing international payments. For more information on international payments, please refer to the SAP Help Portal.