What is residence time in SAP FS-AM - Account Management?

SAP Term: residence time

• Component: FS-AM

• Component Name: Account Management

• Description: The period that defines how long an object remains in the operational database. The data records of an archiving object can be archived only after this time has expired. The object-specific residence time consists of a number of periods and a period unit for example, 5 days.

Smart SAP Assistant

• Key Concepts: 
  Residence time is a concept used in the FS-AM Account Management component of SAP. It is the amount of time that a customer's account remains open and active in the system. This is important for tracking customer activity and ensuring that accounts are not left open for too long. 
  
  How to use it: 
  The residence time of an account can be set by the user in the FS-AM Account Management component. This can be done by setting a specific amount of time for the account to remain open, or by setting a specific date for when the account should be closed. The residence time can also be adjusted as needed, depending on the customer's activity. 
  
  Tips & Tricks: 
  It is important to keep track of residence times for customer accounts, as this can help to ensure that accounts are not left open for too long. This can help to reduce fraud and other security risks associated with leaving accounts open for extended periods of time. 
  
  Related Information: 
  The FS-AM Account Management component also includes other features such as account locking, password resetting, and account monitoring. These features can help to ensure that customer accounts remain secure and that any suspicious activity is detected quickly.