What is opening bank in SAP SD-FT - Foreign Trade?

SAP Term: opening bank

• Component: SD-FT

• Component Name: Foreign Trade

• Description: A financial institution that puts the requirements for merchandise purchased to be imported into a letter and sends it to a bank in the exporter's country.

Smart SAP Assistant

• Key Concepts: 
  An opening bank is a type of bank account used in SAP Foreign Trade (SD-FT) to manage the payment of import and export duties. It is used to store funds for the payment of duties and taxes, and can be used to pay for goods and services related to foreign trade. 
  
  How to use it: 
  In SAP Foreign Trade, an opening bank is created by entering the bank details in the ‘Opening Bank’ tab of the ‘Bank Accounts’ window. The opening bank can then be used to make payments for import and export duties, as well as other related expenses. 
  
  Tips & Tricks: 
  When creating an opening bank, it is important to ensure that all relevant information is entered correctly. This includes the bank name, address, account number, and currency. Additionally, it is important to ensure that the opening bank has sufficient funds available for payment of duties and taxes. 
  
  Related Information: 
  For more information on SAP Foreign Trade and opening banks, please refer to the SAP Help Portal or contact your local SAP representative.