What is extended reporting period in SAP FS-PM - Policy Management?

SAP Term: extended reporting period

• Component: FS-PM

• Component Name: Policy Management

• Description: The period after expiry of the contract in which the policyholder can still place claims loss event or violation that are dated within the contract term.

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• Key Concepts: 
  Extended Reporting Period (ERP) is a feature of SAP FS-PM Policy Management that allows users to extend the reporting period of a policy beyond the standard period. This feature is useful for policies that require additional time to be completed, such as those with complex calculations or multiple stakeholders. 
  
  How to use it: 
  To use ERP, users must first create a policy in SAP FS-PM Policy Management. Once the policy is created, users can select the “Extend Reporting Period” option from the policy menu. This will open a dialog box where users can enter the desired extended reporting period. Once the period is entered, the policy will be updated with the new reporting period. 
  
  Tips & Tricks: 
  When using ERP, it is important to remember that the extended reporting period must be within the same fiscal year as the original policy. Additionally, it is important to note that any changes made to the policy during the extended reporting period will not be reflected in the original policy. 
  
  Related Information: 
  For more information on SAP FS-PM Policy Management and Extended Reporting Periods, please refer to SAP’s official documentation at https://help.sap.com/viewer/product/FS-PM/latest/en-US.