What is 'time management key' in SAP PSM-FM - Funds Management?

time management key - Overview

• Component: PSM-FM

• Component Name: Funds Management

• Description: Key identifying a range of periods for reporting usually 1-12 to represent a year.

time management key - Details

• 
  Key Concepts: 
  Time Management Key is a component of Funds Management in SAP. It is used to manage the time-related aspects of budgeting and financial planning. It allows users to define and manage time periods, such as fiscal years, quarters, and months. It also enables users to define and manage budget cycles, such as budgeting, forecasting, and reporting.
  
  How to use it: 
  Time Management Key is used to define and manage time periods and budget cycles. To do this, users must first create a Time Profile in the Funds Management module. This profile defines the start and end dates of the time period or budget cycle. Once the profile is created, users can then assign it to a Time Management Key. This key can then be used to assign time periods or budget cycles to other objects in Funds Management, such as cost centers or funds centers.
  
  Tips & Tricks: 
  When creating a Time Profile, it is important to ensure that the start and end dates are accurate. This will ensure that all objects assigned to the Time Management Key will be correctly associated with the correct time period or budget cycle. Additionally, it is important to ensure that all objects assigned to the same Time Management Key have the same start and end dates.
  
  Related Information: 
  Time Management Key is closely related to Funds Management in SAP.