What is 'entity type' in SAP IS-OIL-PRA-REV - Revenue?

entity type - Overview

• Component: IS-OIL-PRA-REV

• Component Name: Revenue

• Description: The type of legal entity of the business associate. This has effects on how the business associate is treated in terms of revenue and taxes.

entity type - Details

• 
  Key Concepts: 
  Entity type is a term used in the SAP IS-OIL-PRA-REV Revenue Recognition component. It is used to define the type of entity that is associated with a particular revenue recognition transaction. This could be a customer, vendor, or other entity. 
  
  How to use it: 
  When creating a revenue recognition transaction in SAP IS-OIL-PRA-REV, the user must select an entity type from the dropdown menu. This will determine which entity is associated with the transaction and will be used to track the revenue recognition process. 
  
  Tips & Tricks: 
  When selecting an entity type, it is important to make sure that the correct entity is chosen. This will ensure that the revenue recognition process is tracked accurately and efficiently. 
  
  Related Information: 
  The SAP IS-OIL-PRA-REV Revenue Recognition component also includes other terms such as transaction type, document type, and account assignment category. These terms are all related to the entity type and must be selected in order to complete a revenue recognition transaction.