What is end-of-day processing of collectors in SAP FS-PE - Payment Engine?

SAP Term: end-of-day processing of collectors

• Component: FS-PE

• Component Name: Payment Engine

• Description: End-of-day processing in which collectors are closed. Collectors are closed according to the closing criteria specified in the clearing agreement. During end-of-day processing, the system closes only the collectors and queues for which the end of the day has been defined as a closing criterion.

Smart SAP Assistant

• Key Concepts: 
  End-of-day processing of collectors is a feature of the SAP FS-PE Payment Engine component. It allows users to process payments and other transactions at the end of the day, ensuring that all transactions are completed and accounted for before the start of the next business day. This helps to ensure accuracy and efficiency in financial operations. 
  
  How to use it: 
  To use end-of-day processing of collectors, users must first set up the payment engine in their SAP system. This includes setting up payment methods, payment types, and payment terms. Once these are configured, users can then set up a payment run for the end of the day. This will allow them to process all payments and other transactions that need to be completed before the start of the next business day. 
  
  Tips & Tricks: 
  When setting up a payment run for end-of-day processing, it is important to ensure that all necessary information is included. This includes details such as payment amounts, payment dates, and any other relevant information. Additionally, it is important to double check all information before submitting the payment run to ensure accuracy. 
  
  Related Information: 
  For more information on end-of-day processing of collectors in SAP FS-PE Payment Engine, please refer to the official SAP documentation here: https://help.sap.com/viewer/product/FS_PE/2020/en-US