What is 'third-party type' in SAP FS-PM - Policy Management?

third-party type - Overview

• Component: FS-PM

• Component Name: Policy Management

• Description: A technical attribute that influences how the system handles third-party categories, for instance that a security certificate is treated in the same way by the system as a cession.

third-party type - Details

• 
  Key Concepts: 
  Third-party type is a component of the FS-PM Policy Management module in SAP. It is used to define the type of third-party that is associated with a policy. This includes the type of entity, such as an individual, company, or government agency, as well as the type of relationship, such as customer, supplier, or partner. 
  
  How to use it: 
  In order to use the third-party type component of FS-PM Policy Management, you must first create a policy. Once the policy has been created, you can then assign a third-party type to it. This can be done by selecting the appropriate type from the drop-down menu in the policy settings. 
  
  Tips & Tricks: 
  When assigning a third-party type to a policy, it is important to ensure that the type is accurate and up-to-date. This will ensure that the policy is applied correctly and that all relevant parties are aware of their obligations. 
  
  Related Information: 
  For more information on FS-PM Policy Management and how to use its components, please refer to the SAP Help Portal.