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:

1. Open a new record from the Products service.
   • The Products service is located in the Product Setup and Maintenance application.
      
2. Enter a name for the cancellation fees in the Name field.
3. 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.
      
4. Leave Type set to General.
   
   
    
5. 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.
6. 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.
      
7. Save and close the record.