What is formal check in SAP FS-PM - Policy Management?

SAP Term: formal check

• Component: FS-PM

• Component Name: Policy Management

• Description: Entry of the benefit case and answers to questions about purely formal criteria, which affect the contract in general, such as subcoverage.

Smart SAP Assistant

• Key Concepts: 
  Formal check is a feature of the SAP FS-PM Policy Management component. It is a process that allows users to check the accuracy of their data before it is submitted for processing. This ensures that all data is accurate and up-to-date before it is used in any business processes.
  
  How to use it: 
  To use the formal check feature, users must first select the data they want to check. This can be done by selecting the relevant fields in the policy management system. Once the data has been selected, users can then click on the “Formal Check” button to initiate the process. The system will then compare the data with existing records and alert users if any discrepancies are found.
  
  Tips & Tricks: 
  It is important to remember that the formal check process should only be used when absolutely necessary. This is because it can be time consuming and may not always be necessary for certain types of data. Additionally, users should ensure that they have selected all relevant fields before initiating the formal check process.
  
  Related Information: 
  For more information about the formal check feature, users can refer to SAP’s official documentation on FS-PM Policy Management. Additionally, users can also contact their local SAP support team for further assistance.