What is external contract in SAP RE-FX - Flexible Real Estate Management?

SAP Term: external contract

• Component: RE-FX

• Component Name: Flexible Real Estate Management

• Description: A customer or vendor contract, for example, leasing out an apartment or a usage right storage on a piece of land or leasing in real estate from others. External contracts cannot be used for mapping your own use of real estate you own.

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• Key Concepts: 
  External contracts are agreements between a tenant and a landlord that are managed in the RE-FX Flexible Real Estate Management component of SAP. These contracts are used to define the terms of a rental agreement, such as the duration of the lease, the amount of rent to be paid, and any other conditions that must be met. 
  
  How to use it: 
  External contracts can be created in SAP by entering the relevant information into the system. This includes details such as the tenant's name, address, and contact information, as well as the rental amount and any other conditions that must be met. Once this information is entered into SAP, it can be used to generate reports and track payments. 
  
  Tips & Tricks: 
  When creating an external contract in SAP, it is important to ensure that all of the necessary information is entered accurately. This will help to ensure that all payments are tracked correctly and that any disputes can be resolved quickly and efficiently. Additionally, it is important to keep track of any changes or updates to the contract, as these may affect the terms of the agreement. 
  
  Related Information: 
  The RE-FX Flexible Real Estate Management component of SAP also includes features such as lease accounting, rent calculation, and asset management. These features can be used to manage rental agreements more effectively and efficiently. Additionally, SAP also offers a range of other real estate management solutions that can be used in conjunction with external contracts.