What is payment instruction in SAP SRD-FIN-VCM - FIN-Financial Value Chain Management?

SAP Term: payment instruction

• Component: SRD-FIN-VCM

• Component Name: FIN-Financial Value Chain Management

• Description: An instruction sent to the bank notifying the recipient bank about a foreign payment transaction. A notification of this kind is a chargeable service provided by the bank, and can be selected if so required by the payee when a payment is entered. A payment instruction might be in the form of a telephone call made from the payer’s bank to the recipient’s bank. Prior to this, an agreement needs to be made with the respective bank regarding the payment instructions that can be accepted. For each payment up to four instructions may be selected. Examples for instructions: Telephone Notification to Payee Telephone Notification to Payee's Bank Fax Notification to Payee

Smart SAP Assistant

• Key Concepts: 
  Payment instruction is a feature of SAP Financial Value Chain Management (SRD-FIN-VCM) that allows users to create and manage payment instructions for their financial transactions. Payment instructions are used to define the payment terms, such as the payment date, payment method, and payment currency. They also provide information about the payee, such as the bank account number and bank details. 
  
  How to use it: 
  Payment instructions can be created in SAP Financial Value Chain Management by selecting the “Create Payment Instruction” option from the menu. The user will then be prompted to enter the payment details, such as the payment date, payment method, and payment currency. Once all of the details have been entered, the user can save the payment instruction and it will be available for use in future transactions. 
  
  Tips & Tricks: 
  When creating a payment instruction, it is important to ensure that all of the details are accurate and up-to-date. This will help to ensure that payments are processed correctly and on time. Additionally, it is important to keep track of all payment instructions in order to ensure that they are not duplicated or forgotten. 
  
  Related Information: 
  For more information about SAP Financial Value Chain Management and its features, please refer to the official SAP documentation. Additionally, there are many online resources available that provide tutorials and tips on how to use this feature effectively.