What is contract status in SAP FS-PM - Policy Management?

SAP Term: contract status

• Component: FS-PM

• Component Name: Policy Management

• Description: Status that indicates the legal effectiveness of a contract.

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• Key Concepts: 
  Contract status is a feature of the SAP FS-PM Policy Management component. It is used to track the progress of a contract from its creation to its completion. The contract status can be set to one of several values, such as “draft”, “in progress”, “completed”, or “cancelled”. This allows users to easily track the progress of a contract and ensure that it is completed in a timely manner.
  
  How to use it: 
  To use the contract status feature, users must first create a contract in the SAP FS-PM Policy Management component. Once the contract has been created, users can set the contract status to one of the available values. This can be done by selecting the appropriate value from a drop-down menu or by manually entering the value into a text field. The contract status can then be changed as needed throughout the life of the contract.
  
  Tips & Tricks: 
  It is important to keep track of the contract status throughout the life of the contract. This will help ensure that all tasks associated with the contract are completed in a timely manner and that any potential issues are addressed quickly. Additionally, setting reminders for yourself or other users to check on the status of contracts can help ensure that nothing is overlooked or forgotten.
  
  Related Information: 
  For more information on using the contract status feature in SAP FS-PM Policy Management, please refer to SAP's official documentation on the topic. Additionally, there are many online resources available that provide tips and tricks for using this feature more effectively.