What is 'prompt payment' in SAP PSM-GPR - Procurement for Public Sector?

prompt payment - Overview

• Component: PSM-GPR

• Component Name: Procurement for Public Sector

• Description: A payment made prior to goods receipt.

prompt payment - Details

• 
  Key Concepts: 
  Prompt payment is a feature of the SAP PSM-GPR Procurement for Public Sector component that allows for the automatic payment of invoices. It is designed to streamline the payment process and ensure that invoices are paid on time. 
  
  How to use it: 
  To use prompt payment, you must first set up the payment terms in the system. This includes setting up the payment date, the payment method, and any discounts or penalties associated with late payments. Once these terms are set up, the system will automatically generate payments for invoices that meet the criteria. 
  
  Tips & Tricks: 
  It is important to ensure that all payment terms are set up correctly in order for prompt payment to work properly. Additionally, it is important to regularly review and update the payment terms as needed to ensure that payments are made on time. 
  
  Related Information: 
  For more information on prompt payment and other features of SAP PSM-GPR Procurement for Public Sector, please refer to the official SAP documentation.