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

SAP Term: payment method

• Component: ICM

• Component Name: Incentive and Commission Management (ICM)

• Description: Incentive and Commission Management The method used to make a payment, for example, Check Transfer Salary

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• Key Concepts: 
  Payment method is a feature of SAP ICM Incentive and Commission Management (ICM) that allows users to define the payment terms for commissions and incentives. It enables users to define the payment currency, payment type, payment frequency, and payment method. 
  
  How to use it: 
  To use the payment method feature in SAP ICM, users must first create a payment method in the system. This can be done by navigating to the “Payment Method” tab in the ICM configuration screen. From there, users can define the payment currency, payment type, payment frequency, and payment method. Once these parameters are set, users can then assign the payment method to a commission or incentive plan. 
  
  Tips & Tricks: 
  When setting up a payment method in SAP ICM, it is important to ensure that all of the parameters are correctly configured. This will ensure that payments are processed correctly and on time. Additionally, it is important to ensure that all of the necessary documents are uploaded into the system before payments are processed. 
  
  Related Information: 
  For more information on setting up and using the payment method feature in SAP ICM, please refer to the official SAP documentation. Additionally, there are many online resources available that provide step-by-step instructions on how to configure and use this feature.