What is rescission in SAP FS-CML - Loans Management?

SAP Term: rescission

• Component: FS-CML

• Component Name: Loans Management

• Description: The cancellation of a loan contract and the return of the bank and customer to their respective positions before the loan contract was created.

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• Key Concepts: 
  Rescission is a process in the FS-CML Loans Management component of SAP that allows a loan to be cancelled or reversed. It is used when a loan has been incorrectly issued or when the borrower has failed to meet the terms of the loan agreement. The rescission process involves cancelling the loan and returning any funds that have been disbursed to the borrower.
  
  How to use it: 
  To use rescission in SAP, first select the loan that needs to be cancelled. Then, enter the reason for rescission and confirm the cancellation. Finally, enter the details of any funds that need to be returned to the borrower and confirm the transaction.
  
  Tips & Tricks: 
  When using rescission in SAP, it is important to ensure that all relevant information is entered correctly. This includes details of any funds that need to be returned to the borrower, as well as any other information related to the loan cancellation.
  
  Related Information: 
  For more information on rescission in SAP, please refer to the official SAP documentation on FS-CML Loans Management. Additionally, there are many online resources available that provide detailed instructions on how to use this feature in SAP.