Step 2: Creating a Cancellation Fee Product
The second step to enable support for cancellation fees on a per product basis is to create a cancellation fee product. You can create one or multiple products, depending on your organization's needs. Follow these steps:
- Open a new record from the Products service.
- The Products service is located in the Product Setup and Maintenance application.
- The Products service is located in the Product Setup and Maintenance application.
- Enter a name for the cancellation fees in the Name field.
- Enter Product Specific Cancellation Fees in the Category field.
- This is the category you created in Step 1: Creating Cancellation Fee Product Category.
- The GL Accounts you specified for the category automatically flow down to this product.
- Leave Type set to General.
- If you did not configure the GL Accounts for the Cancellation Fees Product Category, click the Accounting > GL Accounts tab and add an A/R account and a Sales account for the product.
- Select the Prices tab and add prices (in this case "fees") for the product.
- Simple fee matrices can be created using Prices records. More complex fee matrices may be created using pricing objects or pricing rules. See Assigning Product Prices for more details.
- Simple fee matrices can be created using Prices records. More complex fee matrices may be created using pricing objects or pricing rules. See Assigning Product Prices for more details.
- Save and close the record.
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