Does anyone know the purpose of the 'Classification' field at the Customer Account level in AR? It is displayed next to the 'Account Type' field on the Customer Account page. For example, for customer "American Telephone & Telegraph" in the Vision instance the Classification field is set to "Telecom".
I'm wondering if this classification is used for tax or credit purposes or if it's an optional field. Also, where can I define/update the list of values for this field.
The Classification is a category that you have previously defined in the Receivables Lookups window with the lookup type 'Customer Class'. You can classify your customers by industry, location, or size. If you choose industry, you might want to define classes such as High-Tech, Real Estate, Wholesale, and Retail.