What is policy version in SAP FS-PM - Policy Management?

SAP Term: policy version

• Component: FS-PM

• Component Name: Policy Management

• Description: Version of a policy that is valid for the period between the previous to the next processing of the policy. Every complete and released processing activity creates a new legally binding policy version.

Smart SAP Assistant

• Key Concepts: 
  Policy version is a feature of the SAP FS-PM Policy Management component. It allows users to create multiple versions of a policy, which can be used to track changes over time. Each version contains the same set of policy elements, but with different values. This allows users to compare different versions of the same policy and make changes as needed.
  
  How to use it: 
  To create a new policy version, users must first create a new version of the policy in the FS-PM Policy Management component. Once the new version is created, users can then enter the desired values for each policy element. Once all values have been entered, users can save the new version and it will be available for use.
  
  Tips & Tricks: 
  When creating a new policy version, it is important to ensure that all values are entered correctly. This will help ensure that the policy is accurate and up-to-date. Additionally, it is important to keep track of which versions are active and which are inactive, as this will help ensure that the correct version is being used at any given time.
  
  Related Information: 
  For more information on using the FS-PM Policy Management component, please refer to the SAP Help documentation. Additionally, there are many online resources available that provide detailed instructions on how to use this component.