What is shadow account in SAP FS-MCM - Master Contract Management?

SAP Term: shadow account

• Component: FS-MCM

• Component Name: Master Contract Management

• Description: A representation of an external bank account in the connected account-managing system. A shadow account is necessary if an external bank account is a participant in a master contract.

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• Key Concepts: 
  A shadow account is a type of account in SAP FS-MCM Master Contract Management. It is a virtual account that is used to store the details of a contract, such as the contract number, the customer name, and the contract terms. The shadow account is not visible to the customer, but it is used to track the contract and its associated data. 
  
  How to use it: 
  Shadow accounts are used to store and track contract data in SAP FS-MCM Master Contract Management. When a customer enters into a contract with a company, the details of the contract are stored in the shadow account. This allows for easy tracking of the contract and its associated data. 
  
  Tips & Tricks: 
  When creating a shadow account, it is important to ensure that all of the necessary information is included. This includes the customer name, contract number, and any other relevant information. Additionally, it is important to keep the shadow account up-to-date with any changes that occur in the contract. 
  
  Related Information: 
  SAP FS-MCM Master Contract Management provides a comprehensive solution for managing contracts and their associated data. It allows for easy tracking of contracts and their associated data, as well as providing tools for creating and managing contracts. Additionally, SAP FS-MCM Master Contract Management provides tools for reporting on contracts and their associated data.