Master Records > Inventory > Basic Price Update

Inventory prices are re-valued to reflect current market prices. Prices are decreased to keep at par with competition while prices are increased to match with increasing costs or to maximize earning potential. The Basic Price Update function allows you to update the prices of your inventory items as defined in the Pricing page of the Inventory Maintenance function. You can save time by using the Basic Price Update function because it allows you to simultaneously update a range of inventory items that meets a selection criteria you define.

This function is available even without the Pricing Control module. You must have set up basic prices for your inventory items so you can start using this function.

To update the inventory item’s basic price, perform the following steps:

1.Access the Basic Price Update function from the Pricing group in the Maintenance menu of the Accounts Receivable or Sales Order module. The Selection Criteria page is automatically displayed.

2.In the Update field, click the list box button and select one of the following options:

oList Price

Select this option if you want to update the list price of each selected inventory item based on its current list price as entered in the List Price for area in the Pricing page of the inventory item's maintenance record.

oSpecial Price

Select this option if you want to update the special price of each selected inventory item based on its current special price as defined in the Special Price for area in the Pricing page of the inventory item's maintenance record. When you select this option, you can set the Start/End date when the updated special price are in effect.

oCost Base

Select this option if you want to update the cost base of each selected inventory item based on its current cost base as entered in the Settings page of the inventory item's maintenance record.

3.In the Currency field, click the List box button to select the specific currency you want to use in update the basic prices.

Note: This field is enabled and accessible only if the Use Multi-Currency feature and the Pricing Control module are activated. This field is also disabled if the Cost Base option is selected in the Update field.

4.In the New Basic Price Based On area, select the basis for updating the basic price of each inventory item you want to update. Select from the following options:

oList Price + %

Select this option if you want to update each inventory item’s list price based on the current list price in the Pricing page of the item's maintenance record, plus or minus a percentage of the item's list price. The percentage rate must be entered in the Update Price By field.

For example: If the list price of an inventory item record is $160.00, the system will update the current list price plus or minus the percentage rate you specify.

oList Price + Amount

Select this option if you want to update each inventory item’s list price based on the current list price in the Pricing page of the item's maintenance record, plus or minus the flat amount you enter in the Update Price By field.

For example: If the list price of an inventory item record is $160.00, the system will update the current list price plus or minus the flat amount you specify.

oCost Base + %

Select this option if you want to update each inventory item’s cost base based on the cost base amount entered in the Settings page of the item's maintenance record, plus or minus a percentage of the item's cost base. The percentage rate must be entered in the Update Price By field.

For example: If the list price of an inventory item record is $160.00, the system will update the current list price plus or minus the percentage rate you specify.

oCost Base + Amount

Select this option if you want to update each inventory item’s cost base which is based on the cost base amount entered in the Settings page of the item's maintenance record, plus or minus the flat amount you enter in the Update Price By field.

For example: If the list price of an inventory item record is $160.00, the system will update the current cost base plus or minus the flat amount you specify.

oAverage Cost (all warehouses) + %

Select this option if you want to update each inventory item’s unit price based on its average cost in all the warehouses where it is stored, plus or minus a percentage of the item's average cost. The percentage rate must be entered in the Update Price By field. The average cost of the inventory item in all warehouses is automatically generated by the system by dividing the total cost of the inventory item in all warehouses by the total quantity of the inventory item in all warehouses.

For example: If the unit price in an inventory item record is $160.00 and the average cost for units of the inventory item in all warehouses is $145, the system will update the sales price to $145 plus or minus the percentage of the average cost of the inventory item in all warehouses.

oAverage Cost (all warehouses) + Amount

Select this option if you want to update each inventory item’s unit price based on its average cost in all the warehouses where it is stored, plus or minus a flat amount you specify in the Update Price By field. The average cost of the inventory item in all warehouses is automatically generated by the system by dividing the total cost of the inventory item in all warehouses by the total quantity of the inventory item in all warehouses.

For example: If the unit price in an inventory item record is $160.00 and the average cost for units of the inventory item in all warehouses is $145, the system will update the sales price to $145 plus or minus the flat amount you entered in the Update Price By field.

oAverage Cost (specific warehouse) + %

Select this option if you want to update each inventory item’s unit price based on its average cost in a specific warehouse, plus or minus a percentage of the item's average cost. The percentage rate must be entered in the Update Price By field. If you choose this option you must also specify a warehouse in the adjacent Warehouse field. You may click the Lookup button next to the Warehouse field to display the Key Search window where you can select a warehouse code. The average cost of the inventory item in a specific warehouse is automatically generated by dividing the total cost of the inventory items in the specific warehouse by the total quantity of the inventory items in the specific warehouse.

For example: If the unit price in an inventory item record is $160.00 and the average cost for units of the inventory item in the entered warehouse is $145.00, the system will update the sales price to $145.00 plus or minus the percentage of the average cost of the inventory item in the specific warehouse.

oAverage Cost (specific warehouse) + Amount

Select this option if you want to update each inventory item’s unit price based on its average cost in a specific warehouse, plus or minus a flat amount you specify in the Update Price By field. If you choose this option you must also specify a warehouse in the adjacent Warehouse field. You may click the Lookup button next to the Warehouse field to display the Key Search window where you can select a warehouse code. The average cost of the inventory item in a specific warehouse is automatically generated by dividing the total cost of the inventory items in the specific warehouse by the total quantity of the inventory items in the specific warehouse.

For example: If the unit price in an inventory item record is $160.00 and the average cost for units of the inventory item in the entered warehouse is $145.00, the system will update the sales price to $145.00 plus or minus the flat amount you entered in the Update Price By field.

5.In the Update Price By field, enter the percentage rate or flat amount by which the system will update the unit prices. You can apply either a positive or negative percentage rate, or add/subtract a flat amount to/from the new unit price bases to arrive at the updated unit prices. To decrease the existing unit price, precede the percentage rate or amount by a minus (-) sign. Leave the percentage rate or amount at 0.00 to show that no percentage rate will be applied or no flat amount will be added to or subtracted from the new bases.

6.If you selected List Price in the Update field, specify in the Start Date field the date when the updated basic prices will take effect. If you selected Special Price in the Update field, enter in the Start Date/End Date fields the validity dates when the item(s) new special price will be in effect.

7.In the Selection Criteria area, enter the parameters that the system will use to filter the inventory items that will be included in the price update. You may accept the default All option or enter a range of values in the From/To fields. The selection criteria filters are as follows:

oItem #

Enter the numbers of the inventory items for which you want to update the prices.

oClass

Enter the class assigned to the inventory items that you want to update.

oInventory Type

Enter the inventory type assigned to the inventory items that you want to update.

oProduct Line

Enter the product line assigned to the inventory items that you want to update.

8.Click the OK button to proceed. The system will automatically display the Review page.

9.The Review page lists all the inventory items that meets the selection criteria you entered. It also displays the new basic prices for each item. If you want to amend or edit any information in the previous page, click the Back button to return to the Selection Criteria page.

10.When you are ready to commit the changes to the item(s) basic price(s), click the Save button to save the changes; otherwise, click the Cancel button to disregard any changes.

Basic Price Update

Basic Price Update

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