What is statutory period in SAP FS-AM-OM-AC - Account Order?

SAP Term: statutory period

• Component: FS-AM-OM-AC

• Component Name: Account Order

• Description: Period of time during which the borrower has the right to rescind a loan.

Smart SAP Assistant

• Key Concepts: 
  Statutory period is a term used in the SAP FS-AM-OM-AC Account Order Management component. It is a period of time that is set by law or regulation and must be adhered to. This period is usually used to determine when certain actions must be taken or when certain documents must be filed. 
  
  How to use it: 
  In the SAP FS-AM-OM-AC Account Order Management component, the statutory period is used to determine when certain actions must be taken or when certain documents must be filed. For example, if a customer has an overdue payment, the statutory period can be used to determine when legal action should be taken. 
  
  Tips & Tricks: 
  It is important to keep track of the statutory period for each customer in order to ensure that all legal requirements are met. Additionally, it is important to ensure that all documents are filed within the statutory period in order to avoid any legal issues. 
  
  Related Information: 
  The statutory period is closely related to other terms such as “due date” and “payment terms”. It is important to understand how these terms interact with each other in order to ensure that all legal requirements are met. Additionally, it is important to understand how the statutory period affects other aspects of the SAP FS-AM-OM-AC Account Order Management component such as invoicing and payment processing.