What is extension in SAP FS-PM - Policy Management?

SAP Term: extension

• Component: FS-PM

• Component Name: Policy Management

• Description: The automatic renewal of a contract.

Smart SAP Assistant

• Key Concepts: 
  Extension is a feature of the FS-PM Policy Management component of SAP that allows users to customize their policy management processes. It enables users to create custom policies and rules that are tailored to their specific needs. This feature also allows users to extend the functionality of the existing policy management processes. 
  
  How to use it: 
  To use the extension feature, users must first create a custom policy or rule. This can be done by accessing the FS-PM Policy Management component in SAP and selecting the “Create New Policy” option. From there, users can enter the details of their custom policy or rule, such as its name, description, and any other relevant information. Once the policy or rule is created, it can be activated and used in the policy management process. 
  
  Tips & Tricks: 
  When creating a custom policy or rule, it is important to ensure that all relevant information is included. This will help ensure that the policy or rule is effective and can be used in the policy management process. Additionally, it is important to test any custom policies or rules before activating them in order to ensure that they are working correctly. 
  
  Related Information: 
  For more information on using the extension feature of FS-PM Policy Management, please refer to SAP’s official documentation on the topic. Additionally, there are many online resources available that provide tutorials and tips on how to use this feature effectively.