What is 'effective date of renewal' in SAP FS-PM - Policy Management?

effective date of renewal - Overview

• Component: FS-PM

• Component Name: Policy Management

• Description: If the policyholder accepts the letter of invitation in time, the effective date of renewal is the original contract end date. Otherwise it is the date on which he or she accepts the letter of invitation.

effective date of renewal - Details

• 
  Key Concepts: 
  Effective date of renewal is a term used in SAP FS-PM Policy Management. It is the date on which a policy renewal is effective. This date is determined by the policy's renewal cycle and can be set manually or automatically. 
  
  How to use it: 
  In SAP FS-PM Policy Management, the effective date of renewal can be set manually or automatically. To set it manually, go to the policy's details page and select the “Renewal” tab. Here, you can enter the desired effective date of renewal. To set it automatically, go to the policy's details page and select the “Renewal” tab. Here, you can select the “Automatic Renewal” option and enter the desired renewal cycle. 
  
  Tips & Tricks: 
  When setting the effective date of renewal manually, make sure to enter a valid date that falls within the policy's renewal cycle. This will ensure that the policy is renewed on time and without any issues. 
  
  Related Information: 
  For more information on SAP FS-PM Policy Management, please refer to the official SAP documentation here: https://help.sap.com/viewer/product/FS-PM/latest/en-US