What is contract type in SAP FS-AM - Account Management?

SAP Term: contract type

• Component: FS-AM

• Component Name: Account Management

• Description: A two-digit numeric key used for grouping products. Every contract type is based on a contract category.

Smart SAP Assistant

• Key Concepts: 
  Contract type is a feature of the FS-AM Account Management component of SAP. It is used to define the type of contract that is associated with a customer account. This allows for different types of contracts to be managed in the same system, such as fixed-term contracts, open-ended contracts, and so on. 
  
  How to use it: 
  Contract type can be used to manage customer accounts in SAP. To do this, the user must first create a contract type in the system. This can be done by going to the FS-AM Account Management component and selecting “Create Contract Type” from the menu. The user then enters the details of the contract type, such as its name, description, and any other relevant information. Once the contract type has been created, it can be associated with customer accounts in SAP. 
  
  Tips & Tricks: 
  When creating a contract type in SAP, it is important to ensure that all relevant information is entered correctly. This will help to ensure that customer accounts are managed correctly and that any changes or updates to the contract type are reflected in the system. Additionally, it is important to keep track of all contract types that have been created in SAP, as this will help to ensure that customer accounts are managed efficiently and accurately. 
  
  Related Information: 
  For more information on how to use contract type in SAP, please refer to the official SAP documentation on FS-AM Account Management. Additionally, there are many online resources available which provide detailed tutorials and guides on how to use this feature of SAP.