What is additional account assignment for insurance in SAP FS-CD - Collections/Disbursements?

SAP Term: additional account assignment for insurance

• Component: FS-CD

• Component Name: Collections/Disbursements

• Description: In addition to SAP's account assignment fields, there is also a freely-defined account assignment field with which data is transferred automatically to the general ledger and the special ledger. In the special ledger, this data is available for special evaluations. &EXAMPLE& In Germany, additional account assignments for insurance can be used for reporting to the German Federal Financial Supervisory Authority.

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• Key Concepts: 
  Additional account assignment for insurance is a feature of the SAP FS-CD Collections/Disbursements component. It allows users to assign additional accounts to insurance policies, such as a policyholder’s bank account or a third-party payer’s account. This feature helps streamline the process of collecting and disbursing payments for insurance policies.
  
  How to use it: 
  To use the additional account assignment for insurance feature, users must first create an insurance policy in the SAP system. Once the policy is created, users can assign additional accounts to it by entering the account information into the system. The system will then automatically collect and disburse payments from the assigned accounts.
  
  Tips & Tricks: 
  When assigning additional accounts to an insurance policy, it is important to ensure that all of the information is accurate and up-to-date. This will help ensure that payments are collected and disbursed correctly. Additionally, it is important to keep track of all assigned accounts so that they can be easily accessed when needed.
  
  Related Information: 
  The additional account assignment for insurance feature is part of the SAP FS-CD Collections/Disbursements component. Other features of this component include payment processing, payment reconciliation, and payment tracking. Additionally, this component can be integrated with other SAP modules such as Accounts Payable and Accounts Receivable.