What is time journal in SAP PSM-FM - Funds Management?

SAP Term: time journal

• Component: PSM-FM

• Component Name: Funds Management

• Description: Journal that contains the ledger adminstration single-entry bookkeeping system, that contains cash desk transactions in their chronological order. In the SAP system, the time journal is created as an evaluation using the bank and bank clearing accounts and cash desk accounts for each posting date.

Smart SAP Assistant

• Key Concepts: 
  Time journal is a feature of SAP Funds Management (PSM-FM) that allows users to record and track time spent on activities related to a project. It is used to record the time spent by employees on tasks related to a project, such as planning, execution, and reporting. The time journal also allows users to assign costs to the activities and track the progress of the project. 
  
  How to use it: 
  To use the time journal, users must first create a project in SAP Funds Management. Once the project is created, users can add tasks and assign them to employees. The employees can then enter their time spent on each task in the time journal. The time journal also allows users to assign costs to each task and track the progress of the project. 
  
  Tips & Tricks: 
  When entering time in the time journal, it is important to be as accurate as possible. This will ensure that the costs associated with each task are accurate and that the progress of the project can be tracked accurately. Additionally, it is important to keep track of any changes made to tasks or projects in order to ensure that all changes are reflected in the time journal. 
  
  Related Information: 
  The time journal is closely related to other features of SAP Funds Management such as cost planning and budgeting. It is important for users to understand how these features work together in order to effectively manage projects and track their progress. Additionally, it is important for users to understand how the time journal interacts with other systems such as payroll and accounting in order to ensure accuracy and compliance with regulations.