SAP Financial Accounting (SAP FI) Practice Exam

What options are available for setting the baseline date when creating a new payment term?

1. Document date

2. Payment due date

3. Order date

4. Posting date

The correct answer is: Document date

Setting a baseline date when creating a new payment term is a key function in financial accounting as it dictates when payment is expected from customers or when payments must be made to suppliers. The document date is the correct choice because it serves as a standard reference point for establishing payment calculations. The document date marks the date when the associated transaction occurs, such as an invoice issue or a purchase order creation. This date is crucial because it directly influences the calculation of the payment due date based on the payment terms applied. By using the document date as the baseline, organizations can ensure that their payment terms align consistently with the actual transaction timelines. While the other options have relevance in different contexts, they do not serve as the primary baseline for payment terms. The payment due date is a result of calculations based on the baseline date but is not itself a starting point. The order date may not always reflect the transaction date, as orders might be placed ahead of delivery or invoicing. Similarly, the posting date is more related to the recording of transactions in the accounting system rather than serving as a basis for payment terms. Therefore, the document date's role as a dependable reference point makes it the appropriate choice for setting the baseline date in this context.