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

SAP Term: payment plan

• Component: PSM-FM

• Component Name: Funds Management

• Description: A monthly, quarterly, or annual proposal that specifies how the fiscal budget is to be spent. In the centralized treasury payment system, all expenditures must be made according to a pre-defined payment plan.

Smart SAP Assistant

• Key Concepts: 
  A payment plan is a feature of SAP Funds Management (PSM-FM) that allows users to manage and track payments for goods and services. It allows users to define payment terms, such as the amount, frequency, and due date of payments. It also provides a way to monitor the progress of payments and ensure that they are made on time. 
  
  How to use it: 
  To use the payment plan feature, users must first create a payment plan in the Funds Management module. This involves specifying the payment terms, such as the amount, frequency, and due date of payments. Once the payment plan is created, users can then monitor the progress of payments and ensure that they are made on time. 
  
  Tips & Tricks: 
  It is important to ensure that all payment terms are clearly defined in the payment plan. This will help to ensure that payments are made on time and that there are no misunderstandings between parties. Additionally, it is important to regularly review the payment plan to ensure that it is up-to-date and accurate. 
  
  Related Information: 
  For more information about SAP Funds Management (PSM-FM) and its features, please refer to the official SAP documentation. Additionally, there are many online resources available that provide tutorials and tips for using this module.