What is item category in SAP CRM-IFS - Financial Services?

SAP Term: item category

• Component: CRM-IFS

• Component Name: Financial Services

• Description: Key that defines the attributes and characteristics for a business transaction item, and controls the processing of an item.

Smart SAP Assistant

• Key Concepts: 
  Item category is a feature of the CRM-IFS Financial Services component of SAP. It is used to classify items in a financial transaction, such as a purchase order or invoice. Item categories are used to determine the pricing, delivery, and billing rules for each item. 
  
  How to use it: 
  When creating a financial transaction in SAP, the user must select an item category for each item. This will determine the pricing, delivery, and billing rules for that item. The user can also set up default item categories for certain types of transactions. 
  
  Tips & Tricks: 
  When setting up default item categories, it is important to ensure that the correct rules are applied to each item. This will help ensure that the financial transaction is processed correctly. 
  
  Related Information: 
  For more information on item categories in SAP, please refer to the official SAP documentation.