What is 'grace days' in SAP SRD-FIN-ACR - FIN-Receivables?

grace days - Overview

• Component: SRD-FIN-ACR

• Component Name: FIN-Receivables

• Description: A discretionary period of time granted to a customer who has missed a due payment date. Dunning is not carried out against the customer during this time.

grace days - Details

• 
  Key Concepts: 
  Grace days are a feature of SAP Receivables Management that allows customers to delay payment of an invoice for a certain number of days. This feature is useful for customers who need more time to pay their invoices, as it allows them to avoid late payment fees. 
  
  How to use it: 
  In order to use grace days, the customer must first be set up in the system with a grace period. This can be done by going to the customer master data and setting the grace period field to the desired number of days. Once this is done, the customer will be able to delay payment of their invoices for the specified number of days. 
  
  Tips & Tricks: 
  It is important to note that grace days are not a substitute for timely payment. Customers should still make every effort to pay their invoices on time, as late payments can still incur late fees or other penalties. 
  
  Related Information: 
  For more information on SAP Receivables Management, please refer to the official SAP documentation at https://help.sap.com/viewer/product/SAP_ERP_FINANCIALS/6.0_SPS00/en-US.