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

SAP Term: standing order

• Component: FS-AM-OM-SO

• Component Name: Standing Order

• Description: A payment order executed regularly on a certain date, for a certain amount, in favor of one or more certain recipients. Standing orders with one order recipient item are called single/individual standing orders, those with several order recipients collective standing orders. This means that collective standing orders are standing orders for collective payment orders. In addition, a distinction is made between standing orders with a fixed amount and those with a variable amount.

Smart SAP Assistant

• Key Concepts: 
  A standing order is a type of payment order that is used to make regular payments from one account to another. It is a type of automated payment that is set up once and then executed on a regular basis without the need for manual intervention. The FS-AM-OM-SO Standing Order component in SAP is used to manage and process standing orders. 
  
  How to use it: 
  The FS-AM-OM-SO Standing Order component in SAP can be used to create, modify, and delete standing orders. It also allows users to view the status of existing standing orders and generate reports on them. Additionally, it can be used to set up payment schedules and manage the payment process. 
  
  Tips & Tricks: 
  When setting up a standing order, it is important to ensure that all the necessary information is entered correctly. This includes the account numbers, payment amounts, and payment dates. Additionally, it is important to review the standing order regularly to ensure that it is still valid and up-to-date. 
  
  Related Information: 
  The FS-AM-OM-SO Standing Order component in SAP is part of the Financial Services (FS) module. It is closely related to other components in the FS module such as Accounts Receivable (AR), Accounts Payable (AP), and Cash Management (CM). Additionally, it can be integrated with other SAP modules such as Materials Management (MM) and Sales & Distribution (SD).