What is payment directive in SAP FS-MCM - Master Contract Management?

SAP Term: payment directive

• Component: FS-MCM

• Component Name: Master Contract Management

• Description: Instruction on the payment transaction instrument e.g. EFT or check PF to be used, and the person e.g. payment details or address to whom a payment is to be made, or from whom funds are to be collected.

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• Key Concepts: 
  A payment directive is a document used in SAP FS-MCM Master Contract Management that defines the payment terms and conditions for a contract. It includes information such as the payment amount, payment date, payment method, and any other relevant details. The payment directive is used to ensure that payments are made on time and in accordance with the contract terms.
  
  How to use it: 
  In SAP FS-MCM Master Contract Management, a payment directive is created when a contract is created. The payment directive can be edited at any time to update the payment terms and conditions. Once the payment directive is created, it can be used to generate invoices and payments for the contract.
  
  Tips & Tricks: 
  When creating a payment directive, it is important to ensure that all of the relevant information is included. This includes the payment amount, payment date, payment method, and any other relevant details. It is also important to review the payment directive regularly to ensure that it is up-to-date with the latest contract terms and conditions.
  
  Related Information: 
  For more information about SAP FS-MCM Master Contract Management, please visit the SAP website at https://www.sap.com/products/master-contract-management.html.