What is 'price class' in SAP IS-U-BI - Contract Billing?

price class - Overview

• Component: IS-U-BI

• Component Name: Contract Billing

• Description: Classification of device categories that are treated the same with respect to price. In conjunction with the price level, the price class is used to determine the rental price.

price class - Details

• 
  Key Concepts: 
  Price class is a feature of the IS-U-BI Contract Billing component of SAP. It is used to define the pricing structure for a contract, such as the rate for a particular service or product. Price classes are used to group similar services or products together and assign them a common rate. 
  
  How to use it: 
  In order to use price classes, you must first create them in the system. This can be done by navigating to the “Price Classes” tab in the IS-U-BI Contract Billing component. Here, you can create new price classes and assign them a rate. Once created, you can assign these price classes to contracts in order to apply the associated rate. 
  
  Tips & Tricks: 
  When creating price classes, it is important to consider how they will be used in contracts. For example, if you are creating a price class for a particular service, make sure that all services that will be included in the contract are assigned to the same price class. This will ensure that all services are billed at the same rate. 
  
  Related Information: 
  For more information on using price classes in SAP IS-U-BI Contract Billing, please refer to the official SAP documentation here: https://help.sap.com/viewer/product/IS_U_BI/latest/en-US/f9f8d7a2b3e14c8a9f3d7c6b2f5e4d1a.html