What is payment statistical sampling in SAP PSM-FG - Functions for U.S. Federal Government?

SAP Term: payment statistical sampling

• Component: PSM-FG

• Component Name: Functions for U.S. Federal Government

• Description: Process by which invoices are selected from invoice batches after processing by an accounts payable AP clerk for the purpose of verification by an AP supervisor.

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• Key Concepts: 
  Payment statistical sampling is a feature of the SAP PSM-FG Functions for U.S. Federal Government that allows users to select a sample of payments for review and analysis. This feature helps to ensure that payments are accurate and compliant with government regulations.
  
  How to use it: 
  To use the payment statistical sampling feature, users must first select the payments they wish to review. This can be done by selecting a specific payment type, date range, or other criteria. Once the payments have been selected, users can then review the sample and analyze the data to ensure accuracy and compliance.
  
  Tips & Tricks: 
  When selecting payments for review, it is important to select a sample that is representative of all payments made during the period in question. This will help ensure that any discrepancies or errors are identified and addressed quickly. Additionally, it is important to review the sample regularly to ensure accuracy and compliance with government regulations.
  
  Related Information: 
  The payment statistical sampling feature is part of the SAP PSM-FG Functions for U.S. Federal Government. This module provides users with a comprehensive set of tools for managing federal government payments, including features such as payment reconciliation, payment authorization, and payment tracking.