What is repetitive payment in SAP FS-CM - Claims Management?

SAP Term: repetitive payment

• Component: FS-CM

• Component Name: Claims Management

• Description: Reference unit for a repetitive payment record and all repetitive payments generated from this record. A repetitive payment is an event-controlled process in . Monitoring and execution of the repetitive payment are also performed in in contrast to the scheduled payment, which is monitored and executed in FS-CD.

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• Key Concepts: 
  Repetitive payment is a feature of SAP FS-CM Claims Management that allows for the automated processing of payments. It enables the user to set up a payment schedule and have payments made automatically on a regular basis. This feature is useful for recurring payments such as rent, insurance premiums, or loan payments.
  
  How to use it: 
  To use the repetitive payment feature, the user must first set up a payment schedule. This can be done by entering the payment details such as the amount, frequency, and date of payment. Once the schedule is set up, the user can then select the “Repetitive Payment” option in the FS-CM Claims Management menu. The system will then automatically process the payments according to the schedule.
  
  Tips & Tricks: 
  It is important to ensure that all payment details are accurate before setting up a repetitive payment schedule. This will help to avoid any errors or delays in processing payments. Additionally, it is recommended to review the payment schedule periodically to ensure that it is still accurate and up-to-date.
  
  Related Information: 
  The repetitive payment feature is also available in other SAP modules such as SAP FI-CA (Contract Accounts Receivable and Payable) and SAP FI-GL (General Ledger). Additionally, there are other features available in FS-CM Claims Management such as automatic document generation and automated workflow processes.