Configure Service Fiscal Classifications

If you have configured the services provided by your company as inventory items, you can define the corresponding service fiscal classifications as product fiscal classifications

Follow these steps:

1. Create an item catalog with each item category as a service fiscal classification.
2. Create a product fiscal classification type group and associate this item catalog.
3. Define this item catalog as the default product fiscal classification.
4. Associate each service item with the corresponding item category.
   Note: During transaction entry, if the transaction line has an inventory item, the service fiscal classification is captured as the product fiscal classification and the value defaults from item catalog.
5. If the services are not configured as inventory items, you can enable the service fiscal classification to be captured as product category.
   1. Define each service fiscal classification code as a product category fiscal classification code.
   2. Select the service fiscal classification code as a product category in the transaction line during a transaction entry.
      Note: If the city service fiscal classification code is different from the national fiscal classification code for the same service, use different levels of the product classification structure.
   3. Define the national fiscal classification codes in the upper levels of the item catalog hierarchy or product category fiscal classification hierarchy, depending on how you configure the services.

      The local service fiscal classifications are the child nodes of the national fiscal classification nodes. The national fiscal classification codes are defined as the first level and city service fiscal classification codes as the second level of item categories.

   For more information on product fiscal classifications and product categories, see the Oracle Financials Cloud Implementing Tax guide at http://docs.oracle.com.