What is collective payment order in SAP FS-PE - Payment Engine?

SAP Term: collective payment order

• Component: FS-PE

• Component Name: Payment Engine

• Description: Refers to a group of payment orders that can be processed as a batch. Example: According to ISO 20022 standard, you can control how the offset posting for collective payment orders should be made to the account. The ISO format contains a corresponding batch booking indicator.

Smart SAP Assistant

• Key Concepts: 
  A collective payment order is a payment order that is created in the SAP system to pay multiple invoices at once. It is used to simplify the payment process and reduce the amount of time spent on manual data entry. The collective payment order is created in the FS-PE Payment Engine component of SAP. 
  
  How to use it: 
  To create a collective payment order, first select the invoices that you want to pay. Then, enter the payment details such as the payment date, currency, and bank account. Finally, submit the collective payment order for approval. Once approved, the payment will be processed and the invoices will be marked as paid. 
  
  Tips & Tricks: 
  When creating a collective payment order, it is important to double-check all of the details before submitting it for approval. This will help ensure that all of the invoices are paid correctly and on time. Additionally, it is important to keep track of all collective payment orders so that you can easily reference them in the future if needed. 
  
  Related Information: 
  For more information about collective payment orders in SAP, please refer to the official SAP documentation here: https://help.sap.com/viewer/product/FS-PE/2020/en-US