Inventory Item Pricing Tab

The Pricing Tab shows the item's Sell Price, Purchase Cost, Inventory Pricing Level information, Pricing Level, Special Pricing, and Price List information. It has three sections that will be described below: the Sell Price Area, the Purchase Cost Area, and the Pricing Level Area.
 

Sell Price Area

1.The Sales Price is the price used when creating sales and service transactions.  This price can be manually entered to any amount you wish to charge your customers or calculated by using one of the Pricing Methods described below.  The Sales Price could possibly change for certain customers based on that Customers Pricing Level or if you have setup any Inventory Pricing Levels or Inventory Special Pricing for this inventory item.  There are numerous ways throughout VisionCore to give discounts, special pricing, level pricing and individual customer pricing.  See: Pricing Levels

2.The Retail Price is the price charged to store customers.

3.The MSRP or Manufacturer Suggested Retail Price is a suggested selling price for the retailer.  By default, this copies the value of the Retail Price.

4.The Pricing Method combo box can be used to assign any one of three different pricing methods to the inventory items Standard Cost field.  This can be very helpful if you are looking to add a set amount to the cost of your inventory items.  You can choose from Fixed Dollar Amount, Markup Standard Cost, Percent of Margin or None.  When you first create a new inventory item the Pricing Method field will be set to None.  This can be changed at any time to a different Pricing Method.
 
The Fixed Dollar Amount pricing method will display an Amount field to the right of the Pricing Method combo box.  In the Amount field enter the exact amount you want to add to the Standard Cost field of the inventory item.  For example if the Standard Cost is 150.00 and you enter 25.00 in the Amount field, the Sales Price will automatically change to display 175.00.
 
The Markup Standard Cost pricing method will display a Percent field to the right of the Pricing Method combo box.  In the Percent field enter the exact percent you want to use to calculate the Sales Price field of the inventory item.  The formula used to determine the Sales Price will be the Standard Cost amount plus the Percent amount you entered in the Percent field.  For example if the Standard Cost amount is 150.00 and you enter 25 in the Percent field (25%), the Sales Price will automatically change to display 187.50.  That is 150.00 plus 37.50 or (25%) equals 187.50.
 
The Percent of Margin pricing method will display a Percent field to the right of the Pricing Method combo box.  In the Percent field enter the exact percent you want to use to calculate the Sales Price field of the inventory item.  The formula used to determine the Sales Price will be the Standard Cost amount divided by 1 minus the Percent amount you entered in the Percent field.  For example if the Standard Cost amount is 150.00 and you enter 25 in the Percent field (25%), the Sales Price will automatically change to display 200.00.  That is 150.00 divided by .75 or (1 - 25% = .75) equals 200.00.
 
The None pricing method will not display any fields to the right of the Pricing Method combo box.  It also will not affect the Sales Price at all.  You will be able to manually enter the Sales Price to any amount you choose.

Purchase Cost Area

1.The Standard Cost field is the cost you want to assign as the inventory item's standard cost.  This will be the standard or normal cost you would use for the inventory item.  It is also the cost that the Pricing Method field will use to calculated the Sales Price if you enable it.

2.The Last Cost field is used to track the most recent cost you paid for it.  The Last Cost gets updated whenever Purchase Receipt is received. This will always let you know what your latest cost is for this inventory item. Since this field constantly changes when you receive a Purchase Receipt,  the Standard Cost is provided to hold a constant cost that only changes when you change it.

3.        The Average Cost field is used to track the items' average cost.  The Average Cost method, an option in the Pricing Method field in the Inventory Pricing Area of the Inventory items Pricing Tab, will calculate the cost of your inventory based on an average cost of all the amounts paid for the inventory in stock.  The Average Cost will get updated automatically every time you create and post a Bill that uses this inventory item.  This will always let you know what your latest average cost is for this inventory item.  Since this field constantly changes when you create Bills the Standard Cost is provided to hold a constant cost that only changes when you change it.  The Average Cost field will be locked after you are finished entering a new inventory item.  The Ellipse button on this field can be used later to unlock the Average Cost field when you view existing inventory items.

4.        The Fixed Cost field is the cost you want to use for a given period of time and for given production levels.

Pricing Level Tab

1.The Pricing Level combo box field can be used to enter the level number you want to assign to the pricing level.  It will default to 1, which you can leave or change.  You can select up to 20 different pricing levels each of, which can be setup with any Minimum and Maximum quantity settings.  When you have finished entering data for each field, press the TAB or ENTER key to move your cursor to the next field.

2.The Unit Measure combo box field is used to enter the Unit Measure you want to assign a pricing level to.  You may have anywhere from one to several Unit Measures available to choose from in the combo box depending on how many were created for the selected inventory item.

3.The Units field will be automatically entered based on the Unit Measure you selected.  If you used the default Unit Measure of 'Each' then a 1 will appear in the Units field.  The Units field is important to pay attention to because it will multiply itself by the Unit Price to give you the Sales Price for this level.

4.The Min field is used to enter the minimum quantity a customer has to order of the selected Item No to get the discounted sales price. Default value is 0.

5.The Max field is used to enter the maximum quantity a customer can order of the selected Item No to get the discounted sales price. Default value is 999,999.

6.The Pricing Method combo box field is used to pick from a preset number of pricing discounts.  There are six different Pricing Methods you can choose from and each are described below in more detail.
 
Fixed Dollar Amount - In the Percent / Amount field enter the exact amount you want to add to the Standard Cost field of the inventory item.  For example, if the Standard Cost is 150.00 and you enter 25.00 in the Percent / Amount field, the Unit Price will automatically change to display 175.00.
 
Markup Standard Cost - In the Percent / Amount field enter the exact percent you want to use to calculate the Unit Price field.  The formula used to determine the Unit Price will be the Standard Cost amount plus the Percent amount you entered in the Percent / Amount field.  For example, if the Standard Cost amount is 150.00 and you enter 25 in the Percent / Amount field (25%), the Unit Price will automatically change to display 187.50.  That is 150.00 plus 37.50 or (25%) equals 187.50.
 
Percent of Margin - In the Percent / Amount field enter the exact percent you want to use to calculate the Unit Price field.  The formula used to determine the Unit Price will be the Standard Cost amount divided by (1 minus the Percent amount you entered in the Percent / Amount field).  For example, if the Standard Cost amount is 150.00 and you enter 25 in the Percent / Amount field (25%), the Unit Price will automatically change to display 200.00.  That is 150.00 divided by .75 or (1 - 25% = .75) equals 200.00.
 
Discount Sales Price - In the Percent / Amount field enter the exact percent you want to use to calculate the Unit Price field of the inventory item.  The formula used to determine the Unit Price will be the Sales Price amount minus the Percent amount you entered in the Percent / Amount field.  For example, if the Sales Price amount is 250.00 and you enter 10 in the Percent / Amount field (10%), the Unit Price will automatically change to display 225.00.  That is 250.00 minus 25.00 or (10%) equals 225.00.

MSRP Discount - In the Percent / Amount field enter the exact percent you want to use to calculate the Unit Price field of the inventory item.  The formula used to determine the Unit Price will be the MSRP amount minus the Percent amount you entered in the Percent / Amount field.  For example, if the MSRP amount is 16.50 and you enter 10 in the Percent / Amount field (10%), the Unit Price will automatically change to display 14.85.  That is 16.50 minus 1.65 or (10%) equals 14.85.  See also How MSRP Discount pricing method works

Percent of Margin (MSRP) - In the Percent/ Amount field enter the exact percent you want to use to calculate the Unit Price field of the inventory item. The formula used to determine the Unit Price is [(MSRP - Standard Cost) x Percent] + Standard Cost. For example, if the MSRP amount is 99.99, the Standard Cost amount is 75, and you entered 10 in the Percent/ Amount field, the Unit Price will automatically compute and change to 77.499. See: Percent of Margin (MSRP)

None - This will not affect the Unit Price at all.  You will be able to manually enter the Unit Price to any amount you choose.  The Percent / Amount field will display zero and you will not be able to change it.

7.In the Commission Percent field you may enter the Commission Percentage you would like for the selected pricing level.

8.The Percent / Amount field is used in conjunction with the selected Pricing Method field.  You either enter an amount or a percent in this field to be calculated with the Standard Cost, Sales Price or MSRP to give you the Unit Price.

9.The Unit Price is the price that will be charged for the item if the customer falls into all the parameters.  You can view the selected inventory items Sales Price and Standard Cost at the top of this form.  This can give you a guide line for what you want the Unit Price to be if the customer falls within the parameters that you set.

10.The Unit Total is the price based on the Unit Price multiplied by the Units field.  Unless you are using special Unit Measures the Unit Price and Unit Total will be the same.  The Unit Price basically becomes the add Sales Price the customer will receive if they fall into the pricing level you set.

11.The Warehouse field will list all the warehouses plus the 'All Warehouse'.  Each time a new pricing level is created, this field will be defaulted to 'All Warehouse', which means that the pricing level is applied to all warehouses.  If a particular warehouse is selected then the pricing level will only be applied to the line items having that warehouse.  See also How Warehouse field is used in Pricing Level

12.The X button next to the Pricing Level will delete whichever line you click that button on.

Special Pricing Tab

The Special Pricing tab is used to assign a special price on a particular Inventory Item.  This special price would be given to all customers.  Every time the selected item is sold, any special price assigned would override all other prices.  When creating any sales or service transactions a message will also be displayed telling you that the selected inventory item has a special price.  An example of when you might use the special pricing form would be if a company wanted to clear out the stock on a particular item, they could put it on sale using this form.

You can enter one special price per unit measure.  If you only have one unit measure setup for the selected inventory item then you can only enter one line item special price.  You will also be able to set a date range that the special price is good for.  This comes in handy if you only want to give the special price for a weekend sale or a monthly promotion.  For complete details on all the field descriptions for this tab and a step by step guide on how to enter new inventory special pricing,  see: Adding Inventory Special Pricing.

Price List Tab

The Price List tab will display the price list record where the item is used or selected.  This also allows you to see the commissions and prices for each Price List it is part of.