What is renewal preparation in SAP FS-PM - Policy Management?

SAP Term: renewal preparation

• Component: FS-PM

• Component Name: Policy Management

• Description: A business transaction that is executed manually or automatically, either leading to a letter of invitation or the end of the contract.

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• Key Concepts: 
  Renewal Preparation is a component of the SAP FS-PM Policy Management module. It enables users to create and manage policy renewal processes, including the preparation of renewal documents, the calculation of renewal fees, and the tracking of policy status. 
  
  How to use it: 
  Renewal Preparation can be used to create and manage policy renewal processes. It allows users to define the renewal process for each policy type, including the preparation of renewal documents, the calculation of renewal fees, and the tracking of policy status. The module also provides a range of features to help streamline the process, such as automated document generation and automated fee calculations. 
  
  Tips & Tricks: 
  When using Renewal Preparation, it is important to ensure that all relevant information is entered accurately and completely. This will help ensure that the renewal process runs smoothly and that all necessary documents are generated correctly. Additionally, it is important to keep track of any changes made to policies during the renewal process, as this can affect the accuracy of the calculations. 
  
  Related Information: 
  For more information on Renewal Preparation in SAP FS-PM Policy Management, please refer to the official SAP documentation. Additionally, there are a number of online resources available which provide further guidance on how to use this module effectively.