What is 'update' in SAP FS-PM - Policy Management?

update - Overview

• Component: FS-PM

• Component Name: Policy Management

• Description: Execution of scheduled and future-dated unscheduled processing up to a specific effective date. The update can either be performed explicitly in the business processes for the update or for mass processing, or implicitly in the framework of unscheduled contract changes positioning. The update is controlled by the time model.

update - Details

• 
  Key Concepts: 
  Update is a feature in SAP FS-PM Policy Management that allows users to make changes to existing policies. This includes updating policy information, such as the policy name, description, and rules. It also allows users to add or remove policy elements, such as conditions, actions, and exceptions. 
  
  How to use it: 
  To update an existing policy in SAP FS-PM Policy Management, users must first open the policy in the Policy Editor. From there, they can make changes to the policy information or add/remove elements. Once all changes have been made, users must save the policy in order for the updates to take effect. 
  
  Tips & Tricks: 
  When making changes to an existing policy, it is important to remember that any changes made will be applied to all instances of the policy. Therefore, it is important to ensure that all changes are correct before saving the policy. Additionally, it is recommended that users create a backup of the policy before making any changes. 
  
  Related Information: 
  For more information on how to use the update feature in SAP FS-PM Policy Management, please refer to the official SAP documentation here: https://help.sap.com/viewer/product/FS-PM/2020/en-US/fspm_update_policy_editor_en.pdf