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The default commodity is a global default value set in F&O. When creating a new item, if no specific commodity code is assigned to it, the system automatically uses the commodity code of the default commodity.
The commodity code hierarchy is a structure used to organize and manage commodity codes. It can be defined based on different standards, industries, or countries/regions. By categorizing and managing commodity codes in a hierarchical manner, better classification and management of items can be achieved.
The commodity code is a coding system used to identify and classify commodities. It typically consists of numbers and letters and can be customized based on trade rules and requirements of different countries/regions. Commodity codes are used for applications such as ensuring accurate tariffs, import/export controls, and statistical reporting.
The commodity codes used in VAT invoice integration are derived from the default commodity. This means that when creating an invoice, the system automatically assigns the commodity code of the default commodity to the associated items. This ensures the correct application of applicable commodity codes in invoices to meet tax requirements.
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