What is netted account in SAP FS-LOC-RU - Localization of Banking in Russia?

SAP Term: netted account

• Component: FS-LOC-RU

• Component Name: Localization of Banking in Russia

• Description: An compensation account that banks use to transfer values between different accounting units. The final balance of a netted account is always zero. Loro and nostro accounts are netted accounts because when transactions are completed, the balance of these accounts is zero.

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• Key Concepts: 
  A netted account is a type of account used in the FS-LOC-RU Localization of Banking in Russia component of SAP. It is a special type of account that allows for the netting of payments between two counterparties. This means that instead of making separate payments to each counterparty, the payments are combined into one net payment. This simplifies the payment process and reduces costs associated with multiple payments.
  
  How to use it: 
  In order to use a netted account, you must first create the account in SAP. This can be done by navigating to the FS-LOC-RU Localization of Banking in Russia component and selecting the “Create Netted Account” option. Once the account is created, you can then use it to net payments between two counterparties. To do this, you must enter the details of both counterparties and select the “Net Payment” option. The system will then calculate the net payment amount and generate a payment order for it.
  
  Tips & Tricks: 
  When creating a netted account, make sure to enter all relevant information accurately. This will ensure that the net payment calculation is accurate and that there are no discrepancies between counterparties. Additionally, it is important to keep track of all netted accounts in order to ensure that payments are made on time and that there are no discrepancies between counterparties.
  
  Related Information: 
  For more information on netted accounts and how to use them in SAP, please refer to the official SAP documentation on FS-LOC-RU Localization of Banking in Russia. Additionally, there are many online resources available that provide detailed tutorials on how to use netted accounts in SAP.