What is bonus settlement in SAP ICM - Incentive and Commission Management (ICM)?

SAP Term: bonus settlement

• Component: ICM

• Component Name: Incentive and Commission Management (ICM)

• Description: Incentive and Commission Management Determination of a bonus amount in accordance with the bonus agreement, followed by creation of the related credit note.

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• Key Concepts:
  Bonus settlement is a process in SAP ICM Incentive and Commission Management (ICM) that allows companies to pay out bonuses to employees or customers based on predetermined criteria. This process is used to automate the calculation and payment of bonuses, making it easier for companies to manage their bonus programs.
  
  How to use it:
  In order to use bonus settlement in SAP ICM, companies must first define the criteria for awarding bonuses. This includes setting up the bonus structure, such as the amount of the bonus, the conditions for awarding it, and any other relevant information. Once this is done, companies can then use the bonus settlement process to automatically calculate and pay out bonuses based on the criteria they have set.
  
  Tips & Tricks:
  When setting up bonus settlement in SAP ICM, it is important to ensure that all of the criteria are clearly defined and that all relevant information is included. This will help ensure that bonuses are paid out accurately and efficiently. Additionally, it is important to regularly review and update the bonus structure as needed in order to keep up with changing business needs.
  
  Related Information:
  SAP ICM Incentive and Commission Management (ICM) is a comprehensive solution for managing incentive and commission programs. It provides companies with tools for setting up and managing bonus structures, calculating bonuses, and paying out bonuses. Additionally, it offers features such as reporting and analytics that can help companies better understand their bonus programs.