What is collective standing order in SAP FS-AM-OM-SO - Standing Order?

SAP Term: collective standing order

• Component: FS-AM-OM-SO

• Component Name: Standing Order

• Description: Standing order with two or more recipient-side items. It allows for a simulaneous transfer to several payment recipients from one account holder. A collective list is generated for each credit recipient.

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• Key Concepts: 
  A collective standing order is a type of payment order in SAP Financial Services (FS) Accounts Management (AM) and Order Management (OM) that allows customers to make multiple payments with a single order. This type of order is used when customers need to make multiple payments to the same payee, such as when paying for multiple invoices or making multiple payments to the same vendor. The collective standing order can be set up to be processed on a regular basis, such as weekly or monthly. 
  
  How to use it: 
  To use the collective standing order, customers must first create a payment order in SAP FS AM OM. This payment order will include all of the necessary information about the payee, such as their name and address, as well as the amount and frequency of the payments. Once the payment order is created, customers can then set up the collective standing order by specifying the frequency and duration of the payments. Customers can also specify any additional information that needs to be included in each payment, such as invoice numbers or reference numbers. 
  
  Tips & Tricks: 
  When setting up a collective standing order, it is important to ensure that all of the necessary information is included in each payment. This includes not only the payee’s name and address but also any additional information that needs to be included in each payment, such as invoice numbers or reference numbers. Additionally, it is important to ensure that the frequency and duration of the payments are specified correctly so that payments are made on time. 
  
  Related Information: 
  For more information about collective standing orders in SAP FS AM OM, please refer to SAP’s documentation on Payment Orders and Collective Standing Orders. Additionally, for more tips and tricks on using collective standing orders in SAP FS AM OM, please refer to SAP’s blog post on Best Practices for Using Collective Standing Orders.