What is business partner standard price in SAP FS-FND - Foundation?

SAP Term: business partner standard price

• Component: FS-FND

• Component Name: Foundation

• Description: The combination of condition groups with standard prices that apply for a business partner for each product group for pricing. The standard prices can be inherited within the business partner hierarchy for pricing.

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• Key Concepts: 
  Business partner standard price is a feature of the FS-FND Foundation component of SAP software. It allows businesses to set a standard price for goods and services that they offer to their business partners. This helps to ensure that all business partners receive the same pricing for the same goods and services. 
  
  How to use it: 
  Business partner standard price can be set up in the SAP system by creating a pricing condition record. This record will contain the standard price for each item or service that is offered to business partners. Once the pricing condition record is created, it can be used to automatically apply the standard price when creating sales orders or invoices for business partners. 
  
  Tips & Tricks: 
  When setting up business partner standard prices, it is important to ensure that all prices are up-to-date and accurate. This will help to ensure that all business partners receive the same pricing for the same goods and services. Additionally, it is important to review the pricing condition records regularly to ensure that any changes in pricing are reflected in the system. 
  
  Related Information: 
  For more information on setting up business partner standard prices in SAP, please refer to the SAP Help Portal or contact your local SAP support team. Additionally, there are many online resources available that provide detailed instructions on how to set up and manage business partner standard prices in SAP.