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

SAP Term: settlement schedule

• Component: ICM

• Component Name: Incentive and Commission Management (ICM)

• Description: Incentive and Commission Management A remuneration entitlement that is broken down into settlement schedule items on the basis of a scheduling rule for disbursement to be made.

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• Key Concepts: 
  Settlement schedule is a feature of SAP ICM Incentive and Commission Management (ICM) that allows users to define the frequency and timing of payments for commission plans. It enables users to set up payment cycles, such as monthly, quarterly, or annually, and to specify the exact date on which payments should be made.
  
  How to use it: 
  To use the settlement schedule feature in SAP ICM, users must first create a commission plan. Once the plan is created, users can then define the payment cycle and payment date for each plan. This can be done by selecting the “Settlement Schedule” tab in the commission plan and entering the desired payment cycle and payment date.
  
  Tips & Tricks: 
  When setting up a settlement schedule in SAP ICM, it is important to ensure that the payment date is set far enough in advance to allow for any delays in processing payments. Additionally, it is important to ensure that all commission plans have a settlement schedule defined so that payments are made on time.
  
  Related Information: 
  For more information on setting up a settlement schedule in SAP ICM, please refer to the official SAP documentation at https://help.sap.com/viewer/product/ICM/7.0/en-US.