What is standing request in SAP PSM-FM - Funds Management?

SAP Term: standing request

• Component: PSM-FM

• Component Name: Funds Management

• Description: A collective request used to generate periodically recurring individual requests.

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• Key Concepts: 
  A standing request is a type of request in SAP Funds Management (PSM-FM) that is used to create a recurring payment. It is used to automate the payment process for recurring payments, such as rent or loan payments. The standing request can be set up to run on a regular schedule, such as monthly or quarterly.
  
  How to use it: 
  To create a standing request in SAP Funds Management, you will need to enter the details of the payment, such as the amount, the date of the payment, and the recipient. You can also specify the frequency of the payment, such as monthly or quarterly. Once you have entered all of the necessary information, you can save the standing request and it will be automatically processed on the specified schedule.
  
  Tips & Tricks: 
  When setting up a standing request in SAP Funds Management, it is important to double-check all of the details before saving it. This will ensure that the payment is processed correctly and on time. Additionally, it is important to keep track of any changes that may need to be made to the standing request over time, such as changes in amount or frequency.
  
  Related Information: 
  For more information about setting up and managing standing requests in SAP Funds Management, please refer to the official SAP documentation. Additionally, there are many online resources available that provide step-by-step instructions for setting up and managing standing requests in SAP Funds Management.