What is budget period in SAP PSM-FM - Funds Management?

SAP Term: budget period

• Component: PSM-FM

• Component Name: Funds Management

• Description: The budget period is the period of available budget authority or a subset thereof. During the budget period, the organization may commit and obligate/encumber funds. After the budget period, the organization may post only follow-on documents. This term replaces earlier terms used, such as budget ID, budget year, and budget fiscal year.

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• Key Concepts: 
  A budget period is a time frame in which a budget is planned and executed in SAP Funds Management. It is used to define the time frame for budgeting, planning, and controlling activities. The budget period is usually defined by the fiscal year, but can also be defined by other time frames such as quarters or months. 
  
  How to use it: 
  In SAP Funds Management, budget periods are used to define the time frame for budgeting, planning, and controlling activities. The budget period can be set up in the Funds Management configuration settings. Once the budget period is set up, it can be used to create budgets and plan activities within that time frame. 
  
  Tips & Tricks: 
  When setting up a budget period in SAP Funds Management, it is important to ensure that the start and end dates of the period are correctly set. This will ensure that all activities within the period are accurately tracked and reported. Additionally, it is important to ensure that all activities within the period are properly allocated to the correct budget period. 
  
  Related Information: 
  For more information on setting up a budget period in SAP Funds Management, please refer to the official SAP documentation on Funds Management configuration settings. Additionally, there are many online resources available that provide detailed instructions on how to set up a budget period in SAP Funds Management.