What is progress payment in SAP IS-AD - SAP for Aerospace & Defense?

SAP Term: progress payment

• Component: IS-AD

• Component Name: SAP for Aerospace & Defense

• Description: Aerospace & Defence Industry Solution Form of resource-related down payment, where the resource used is cash.

Smart SAP Assistant

• Key Concepts: 
  Progress payment is a feature of the IS-AD SAP for Aerospace & Defense that allows customers to make payments in installments for goods or services. This feature allows customers to pay for goods or services over a period of time, rather than paying the full amount upfront. This helps customers manage their cash flow and budget more effectively. 
  
  How to use it: 
  To use the progress payment feature, customers must first set up a payment plan with the vendor. The vendor will then provide the customer with a payment schedule that outlines when payments are due and how much each payment should be. Once the payment plan is established, customers can make payments according to the schedule. 
  
  Tips & Tricks: 
  It is important to keep track of payments and ensure that they are made on time. Late payments may result in additional fees or penalties, so it is important to stay organized and make sure payments are made on time. Additionally, customers should review their payment plan periodically to ensure that it still meets their needs. 
  
  Related Information: 
  The progress payment feature is part of the IS-AD SAP for Aerospace & Defense suite of products. Other features include inventory management, order processing, and financial reporting. For more information about these features, please visit the SAP website.