How to Manage IT Services › Enable Financial Transactions for a Service

Enable Financial Transactions for a Service

You can enable the service for financial processing. Identify the location, department, and other attributes that are used when processing financial transactions. You can also define transaction rates for the following entities for each service:

• labor
• material
• equipment
• expense

Verify that the following items exist before enabling a service for financial transactions:

• Entity, WIP and investment classes, locations, and rate and cost matrices.
• A department.

Follow these steps:

1. Open the service.
2. Open the Properties menu, and click Financial.
3. In the General section, enter the following:

   WIP Class

   Defines the work-in-process class used to match the investment with rate and cost matrices. The WIP class can also be used for reporting purposes.

   Investment Class

   Defines the investment class used to match the investment with rate and cost matrices. The investment class can also be used for reporting purposes.

   Department

   Defines the department used during transaction processing of chargebacks to charge or credit departments for costs. The department can also be used to match the investment with rate and cost matrices. If a department is selected on the general properties page, this field is auto-populated. Required for chargebacks.

   Location

   Defines the location that is used to match the investment with debit and credit rules for transaction processing of chargebacks. If system or entity defaults indicate that the source location is taken from the investment, use location to match the investment with rate and cost matrices.

4. In the Labor Transaction Rates, Material Transaction Rates, Equipment Transaction Rates, and Expense Transaction Rate sections, enter the following for each transaction type as needed:

   Rate Source

   Defines the rate used during transaction processing to charge for the cost of labor, materials, equipment, or expenses associated with the service.

   Cost Source

   Defines the cost of the labor, materials, equipment, or expenses associated with the service.

   Exchange Rate Type

   If multicurrency is enabled, the exchange rate type indicates how rates and costs are converted.

5. Save the changes.