What is payment period in SAP SCM-ICH-IV - Invoice?

SAP Term: payment period

• Component: SCM-ICH-IV

• Component Name: Invoice

• Description: Period of time within which an invoice must be paid.

Smart SAP Assistant

• Key Concepts: 
  Payment period is a term used in SAP's SCM-ICH-IV Invoice Verification component. It is the length of time between when an invoice is received and when it is paid. This period can vary depending on the payment terms of the supplier and the customer. 
  
  How to use it: 
  In SAP, payment periods are set up in the system by entering the payment terms for each supplier and customer. This information is then used to calculate the payment period for each invoice. The payment period can be adjusted manually if needed. 
  
  Tips & Tricks: 
  It is important to keep track of payment periods in order to ensure that invoices are paid on time. Setting up reminders or alerts can help to ensure that invoices are paid within the specified payment period. 
  
  Related Information: 
  Payment periods are closely related to other terms such as payment terms, due dates, and credit terms. Understanding how these terms interact with each other can help to ensure that invoices are paid on time and that suppliers are paid promptly.