What is fast pay in SAP PSM-GPR - Procurement for Public Sector?

SAP Term: fast pay

• Component: PSM-GPR

• Component Name: Procurement for Public Sector

• Description: A function that allows invoices to be paid without evidence that supplies have been received. Instead, a supplier certification that supplies have been shipped may be used as the basis of payment. Fast pay is only allowed when the appropriate FAR clause is included in the contract.

Smart SAP Assistant

• Key Concepts: 
  Fast pay is a feature of the SAP PSM-GPR Procurement for Public Sector component. It allows for the payment of invoices to be made quickly and efficiently. This feature is especially useful for public sector organizations that need to make payments quickly and accurately. 
  
  How to use it: 
  To use the fast pay feature, users must first set up the payment terms in the system. This includes setting up the payment method, payment date, and payment amount. Once these parameters are set, users can then select the invoices they wish to pay and submit them for processing. The system will then process the payments according to the parameters set up by the user. 
  
  Tips & Tricks: 
  When setting up the payment terms, it is important to ensure that all of the information is accurate and up-to-date. This will help ensure that payments are made quickly and accurately. Additionally, it is important to keep track of all payments made through fast pay so that any discrepancies can be addressed quickly. 
  
  Related Information: 
  The fast pay feature is part of the SAP PSM-GPR Procurement for Public Sector component. This component also includes features such as invoice management, budgeting, and reporting. Additionally, there are other components within SAP that can be used in conjunction with fast pay such as SAP Ariba and SAP Concur.