Defining Event Fiscal Policies

This topic describes event fiscal policy.

1. Navigate to the Event Fiscal Policies by clicking the option or selecting it from the Actions menu.
2. Enter the Legal Entity for which you are defining the event fiscal policy. Required.
3. Enter the predefined Event Entity.
4. Enter predefined event class assigned to the event entity in Event Class.
5. Indicate whether purchase price variance is to be recognized for booking inventory at standard cost or at the PO Unit Price in Purchase Price Variance . The valid options are:
   
   • Book INV at Item Cost (PPV)
   • Book INV at Receipt Price (no PPV)
   • Book INV at Invoice Price
   
   Note: If you use standard costing, you can set the PPV option to either book at Item Cost (PPV is generated) or Book at Receipt Price (no PPV is generated for Receipts). If you use Actual Costing, it is recommended that you set the option to Book at Receipt Price for easier reconciliation at month end.
   
6. Landed Cost Charges indicate whether freight, storage, taxes, and special charges accrue to the item's AP account or if it has its own accrual account. The valid options are:
   
   • Accrued to Item A/P Account
   • Accrued to Accrual Account