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

SAP Term: payment budget

• Component: PSM-FM

• Component Name: Funds Management

• Description: A standardized framework for the forecasted expenditures and revenues or the costs, revenues and investments, that can be expected within a fiscal year and area of responsibility.

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• Key Concepts: 
  Payment budget is a feature of SAP Funds Management (PSM-FM) that allows users to plan and manage their payments. It enables users to create a budget for their payments, set limits on the amount of money that can be spent, and track the progress of their payments. Payment budget also allows users to compare their actual payments against their planned budget. 
  
  How to use it: 
  To use payment budget, users must first create a budget plan in the Funds Management module. This plan will include the amount of money that can be spent, the type of payment (e.g. cash, check, etc.), and any other relevant information. Once the plan is created, users can then enter their actual payments into the system and track their progress against the budget plan. 
  
  Tips & Tricks: 
  When creating a payment budget plan, it is important to set realistic limits on the amount of money that can be spent. This will help ensure that users do not overspend and stay within their budget. Additionally, it is important to regularly review and update the payment budget plan as needed to ensure accuracy and accuracy of data. 
  
  Related Information: 
  For more information on payment budget in SAP Funds Management, please refer to the official SAP documentation here: https://help.sap.com/viewer/product/SAP_FINANCIAL_MANAGEMENT/7.5/en-US