What is claim-based payment in SAP PSM-GM - Grants Management?

SAP Term: claim-based payment

• Component: PSM-GM

• Component Name: Grants Management

• Description: A payment made to a grantee based on a submitted claim, with supporting documentation, for valid costs incurred needed to complete the agreement requirements.

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• Key Concepts: 
  Claim-based payment is a payment method used in SAP PSM-GM Grants Management. It allows for the payment of grants to be made based on the claims submitted by the grantee. The grantee submits a claim for the amount of money they are requesting, and the system then processes the claim and makes the payment. 
  
  How to use it: 
  In order to use claim-based payment, the grantee must first submit a claim for the amount of money they are requesting. The claim must include all relevant information such as the purpose of the grant, the amount requested, and any other relevant details. Once the claim is submitted, it is processed by the system and a payment is made to the grantee. 
  
  Tips & Tricks: 
  When submitting a claim for a grant, it is important to make sure that all relevant information is included in order to ensure that the payment is processed quickly and accurately. Additionally, it is important to keep track of all claims submitted in order to ensure that all payments are received in a timely manner. 
  
  Related Information: 
  Claim-based payment is just one of many payment methods available in SAP PSM-GM Grants Management. Other payment methods include direct payments, invoice payments, and more. Additionally, there are various reports available in SAP PSM-GM Grants Management that can be used to track payments and claims.