In the Accounting area , complete the following fields :
• Company – The system will automatically populate this field with the company record flagged as the default company in your set up .
• Reimbursable – Select Not Reimbursable for Award products .
• Primary GL Account – Click the Lookup button to select the appropriate primary GL account for this product . If your organization defers professional development revenue , select the deferral account . If your organization does not defer professional development revenue , select the revenue account .
Note There is no UX 365 Revenue Recognition process for professional development deferred revenue . Revenue will need to be recognized in your accounting system .
• AR GL Account – Click the Lookup button to select the appropriate AR account for this product .
• Cash Basis – If your organization recognizes revenue on a cash basis , select Yes . If revenue is on an accrual basis , select No .
• Control Accrual Basis via AR Utility – This field does not apply to Award products . Leave the default setting = No .
• Secondary GL Account – This field is enabled and required when the Primary GL account selected is a deferral account . If your organization defers revenue , click the Lookup button to select the appropriate revenue account for this product and click OK . If the Primary GL account selected is not a deferral account , the field is disabled , and no entry is required .
• AP GL Account – This field does not apply to Award products and is disabled .
In the Costs area , complete the following fields :
• List Price – Enter the amount or price a participant will be charged for renewal . UX 365 will create Prices records for each Price List in your system based on the amount you enter in this field .
• Decimals Supported – Default = 2 . Do not change .
In the Tax Product Info area , complete the following fields :
• Taxable – Check the Taxable field if tax should be calculated on professional development renewal revenue .
Click Save & Close to save this record and return to the list of products in your system .
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