What is 'per diem' in SAP SRD-FIN-ERM - FIN-Travel and Expense Management?

per diem - Overview

• Component: SRD-FIN-ERM

• Component Name: FIN-Travel and Expense Management

• Description: Rate for the reimbursement of expenses for one day.

per diem - Details

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  Key Concepts: 
  Per diem is a term used in SAP to refer to a daily allowance for travel expenses. It is a fixed amount of money that is given to an employee for each day of travel, and it is intended to cover the costs of meals, lodging, and other incidental expenses. 
  
  How to use it: 
  In SAP, per diem is used to calculate the total cost of a business trip. The amount of the per diem allowance is determined by the company's travel policy and can be set up in the system. When an employee submits an expense report, the system will automatically calculate the total cost of the trip based on the per diem rate. 
  
  Tips & Tricks: 
  When setting up per diem rates in SAP, it is important to ensure that they are up-to-date and accurate. This will help ensure that employees are not overspending on their business trips. Additionally, it is important to review the travel policy regularly to ensure that it is still relevant and applicable. 
  
  Related Information: 
  Per diem rates are typically set by the government or other regulatory bodies. It is important to check with these organizations regularly to ensure that the rates are up-to-date and accurate. Additionally, there may be additional regulations or restrictions that need to be taken into account when setting up per diem rates