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

SAP Term: closing

• Component: ICM

• Component Name: Incentive and Commission Management (ICM)

• Description: Incentive and Commission Management Bundles all the processes that create, retain, or settle remunerations in the framework of periodic tasks and transfers them to the respective target systems. Closing tasks consist of the following processes: Guarantee Flat rate Additional commission case Settlement schedule run Retention Settlement Correspondence

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• Key Concepts: 
  Closing is the process of finalizing a period in ICM Incentive and Commission Management (ICM). This process involves calculating the total amount of commission due to each participant in the period, and then distributing the payments. The closing process also includes reconciling any discrepancies between the expected and actual payments. 
  
  How to use it: 
  The closing process in ICM is initiated by a user with the appropriate permissions. This user will select the period to be closed, and then initiate the closing process. The system will then calculate all of the commissions due to each participant, and generate a report that can be used to reconcile any discrepancies. Once all discrepancies have been resolved, the user can then distribute the payments to each participant. 
  
  Tips & Tricks: 
  It is important to ensure that all discrepancies are resolved before initiating the closing process. This will help ensure that all participants receive their correct payments in a timely manner. Additionally, it is important to keep track of all payments made during the closing process, as this information can be used for future reference. 
  
  Related Information: 
  For more information on closing in ICM Incentive and Commission Management, please refer to SAP's official documentation on the topic. Additionally, there are many online resources available that provide detailed instructions on how to use ICM for closing periods.