What is payment recipient in SAP FS-PM - Policy Management?

SAP Term: payment recipient

• Component: FS-PM

• Component Name: Policy Management

• Description: Recipient of a benefit that is paid as part of benefit case processing. You create this recipient as a business partner in the payment recipient role in . A payment recipient created with the payment recipient role is, from the perspective of the tax office, the recipient of a payment. This recipient can also be considered the actual recipient of a payment from a disbursement point of view. A partner with the differing payment recipient role always needs to be entered when the actual recipient of the payment from a collection point of view is not the same as the recipient of the payment from the point of view from the tax office.

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• Key Concepts: 
  A payment recipient is an entity that receives payments from a payer. In SAP FS-PM Policy Management, payment recipients are defined in the system and can be used to process payments. Payment recipients can be individuals, companies, or organizations. 
  
  How to use it: 
  In SAP FS-PM Policy Management, payment recipients are defined in the system and can be used to process payments. To define a payment recipient, go to the “Payment Recipient” tab in the system and enter the necessary information such as name, address, and bank account details. Once the payment recipient is saved, it can be used for processing payments. 
  
  Tips & Tricks: 
  When defining a payment recipient in SAP FS-PM Policy Management, make sure to double-check all of the information entered for accuracy. This will ensure that payments are processed correctly and without any errors. 
  
  Related Information: 
  For more information on payment recipients in SAP FS-PM Policy Management, please refer to the official SAP documentation here: https://help.sap.com/viewer/product/FS_PM_POLICY_MANAGEMENT/latest/en-US