Functionality to Record Warranty Liability in Warranty Reserve at the Time of Selling Warranties or Extended Warranty
Last updated on FEBRUARY 12, 2018
Applies to:Oracle Service Contracts - Version 12.2.6 and later
Information in this document applies to any platform.
Oracle Service Contract users would like to have the ability to record Warranty Liability in warranty reserve at the time of selling warranties or extended warranty.
- Sell a product for $999.
- Provide an Extended Warranty for the second year at no cost to the customer ($0)
- When the customer gets back during the second year to service the product, the expense should come from an Expense account setup while selling the product.
Does any out-of-the-box functionality exist for this?
This seems to be a federal law, and companies have the liability to cover future unexpected repairs for the items sold under warranty and extended warranty.
Companies need to have a reserve to cover future repairs.
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