Master Records > Inventory > Basic Price Update

Inventory prices are adjusted to align with current market trends. Prices are lowered to stay competitive, while they are raised to account for rising costs or to maximize profit potential. The Basic Price Update feature allows you to adjust the prices of your inventory items as specified on the Pricing page in the Inventory Maintenance section. This feature saves you time by allowing you to update multiple inventory items at once, based on selection criteria you set.

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

To update the inventory item’s 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 Basic Price Update wizard opens automatically with the Selection Criteria as the first screen.

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

oList Price

Select this option to update the list price of each selected inventory item according to its current list price defined in the List Price for area on the Pricing page of the item's maintenance record.

oSpecial Price

Select this option to update the special price of each selected inventory item based on the current special price defined in the Special Price for area on the Pricing page of the item's maintenance record. When this option is selected, you can specify the Start Date for the updated special price validity.

oCost Base

Select this option to update the cost base of each selected inventory item based on the current cost base defined 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 updating the basic prices. Only active currency options are available.

Note: This field is enabled and accessible only if the Use Multi-Currency feature and the Pricing Control module are activated. This field is not accessible if the Cost Base option is selected in the Update field.

4.In the New 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 a percentage of the item's list price. The percentage rate must be entered in the adjacent 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 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 the flat amount you enter in the adjacent 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 the 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 a percentage of the item's cost base. The percentage rate must be entered in the adjacent 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 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 the amount you enter in the adjacent 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 to update each inventory item’s unit price based on its average cost across all warehouses, adjusted by a percentage you specify in the Update Price by field. The system automatically calculates the average cost by dividing the total cost of the item by the total quantity available 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 the percentage of the average cost of the inventory item in all warehouses.

oAverage Cost (all warehouses) + Amount

Select this option to update each inventory item’s unit price based on its average cost across all warehouses, adjusted by an amount you specify in the Update Price by field. The system automatically calculates the average cost by dividing the total cost of the item by the total quantity available 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 the flat amount you entered in the Update Price By field.

oAverage Cost (specific warehouse) + %

Select this option to update each inventory item’s unit price based on its average cost in a specific warehouse, adjusted by a percentage 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 [Warehouse] Search window where you can select a warehouse code. The system automatically calculates an item's average cost in a specific warehouse by dividing the total cost of the item in that warehouse by its total available quantity at that location.

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 the percentage of the average cost of the inventory item in the specific warehouse.

oAverage Cost (specific warehouse) + Amount

Select this option to update each inventory item’s unit price based on its average cost in a specific warehouse, adjusted by an 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 [Warehouse] Search window where you can select a warehouse code. The system automatically calculates an item's average cost in a specific warehouse by dividing the total cost of the item in that warehouse by its total available quantity at that location.

5.In the Update Price by field, specify the adjustment to apply to unit prices—either as a percentage or a flat amount. Enter 0.00 to apply no change.

6.If you selected the List Price option 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 field the validity dates and the specific time (in hour) when the item(s) new special price will be in effect.

7.In the selection criteria filters, enter the parameters that will determine which inventory items are included in the price update. You may accept the default All option or specify a range using the From/To fields. The available selection 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.

oItem Price Group

Enter the price group assigned to the inventory items that you want to update.

oU of M

Enter the unit of measurement assigned to the inventory items that you want to update.

8.Click the Next button to proceed. The Review screen will display automatically. Click Cancel anytime if you want to abort the process and clear the screen.

9.The Review screen displays a grid of all the inventory items that match the selection criteria you entered. It also shows the updated prices for each item based on the settings you specified on the previous screen. Accept or amend the values in the New List Price and Minimum Price column, as needed.

10.When you are ready to commit the changes, click Next to continue. If you want to amend or edit any setting in the Selection Criteria screen, click the Back button.

11.Once the process is completed, the Summary screen will automatically display showing the number of inventory item records updated, and the user's name that performed the price update.

12.Click the Finish button. A message will appear asking if you want to perform the process again or if you wish to exit the wizard. Click Perform Again if you want to repeat the whole process and return to the Selection Criteria screen. Click Close to exit the transaction wizard, or click Cancel to close the message box but stay on the Summary screen.

Basic Price Update

Basic Price Update

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