What is authorized payment in SAP PSM-FM - Funds Management?

SAP Term: authorized payment

• Component: PSM-FM

• Component Name: Funds Management

• Description: A method of making payments from a budget, in which the budget unit, with authorization from the finance department of the government, issues the payment document and requests the agent bank to make the bank transfer to the receiver’s account or to the bank account of the unit that uses the fund.

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• Key Concepts: 
  Authorized payment is a process in SAP Funds Management (PSM-FM) that allows users to make payments to vendors and other external parties. It involves the creation of a payment request, which is then approved by an authorized user before the payment is made. The payment request includes details such as the vendor name, invoice number, and amount to be paid. 
  
  How to use it: 
  To use authorized payment in SAP Funds Management, users must first create a payment request. This can be done by entering the relevant information into the system, such as the vendor name, invoice number, and amount to be paid. Once the payment request is created, it must be approved by an authorized user before the payment can be made. 
  
  Tips & Tricks: 
  When creating a payment request in SAP Funds Management, it is important to double-check all of the information entered to ensure accuracy. This will help to avoid any delays or errors when making the payment. Additionally, it is important to ensure that the authorized user who approves the payment request has the necessary permissions to do so. 
  
  Related Information: 
  For more information on authorized payments in SAP Funds Management, please refer to the official SAP documentation here: https://help.sap.com/viewer/product/SAP_FINANCIAL_SUPPLY_CHAIN_MANAGEMENT/7.5/en-US/f9f8d3a2b6c14e8a9f3d7c2b3e7f9a1d.html