What is contract closing in SAP LO-GT - Global Trade Management?

SAP Term: contract closing

• Component: LO-GT

• Component Name: Global Trade Management

• Description: A process in which all tasks and terms necessary to close a contract are completed.

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• Key Concepts: 
  Contract closing is a process in SAP's LO-GT Global Trade Management component that allows users to close out contracts with their trading partners. This process involves the creation of a closing document, which is used to record the details of the contract and its termination. The document is then sent to the trading partner for approval. Once approved, the contract is officially closed. 
  
  How to use it: 
  In order to use contract closing in SAP's LO-GT Global Trade Management component, users must first create a closing document. This document should include all relevant information about the contract and its termination, such as the date of termination, any outstanding payments, and any other relevant details. Once the document is created, it must be sent to the trading partner for approval. Once approved, the contract is officially closed. 
  
  Tips & Tricks: 
  When creating a closing document for contract closing in SAP's LO-GT Global Trade Management component, it is important to ensure that all relevant information is included. This will help ensure that the document is approved quickly and that the contract is closed without any issues. Additionally, it is important to keep track of all documents related to the contract in order to ensure that all necessary information is included in the closing document. 
  
  Related Information: 
  For more information on contract closing in SAP's LO-GT Global Trade Management component, 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 this feature in SAP's software.