Yes, you need the conditon records and cert profiles, etc.. but the condition record can be at a very high level depedning on your business. I.e. it's at a material level, or the plant level, or a mtrl type level, etc.. whatever allows you the least amount of work. If ALL of your FINS get a COC you can just make one conditon record at the material type level for your FINS. You can use one profile and make one assignment, (All FINS)
No, you don't have to add any charcteristic to your COC. But some people find it easy to add maybe a standard characteristics like LOBM_VFDAT to the COC and publish that as a charcteristic. The SAP script form would contain your standard bolier plate COC text and a BITMAP signature via standard text.
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