About Price Lists

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You use price lists to store pricing information for your inventory items. When you associate an item with a price list, you specify the base and sale prices for the item.You can have as many price lists as you need to handle different locations, different countries, and different currencies. More...

Note: Each price list code supports one set of prices (including discount, tax, and price check information) in each of the currencies that you use in your business. You do not need to have separate price list codes for each currency.

Inventory Control uses price lists for information purposes. You can see item prices when you ship goods from Inventory Control. You can print item prices on Inventory Control reports, item labels, and bin/shelf labels.

Order Entry uses price lists to calculate prices on orders and invoices.

Overview of Price List Setup

Setting up price lists for your items in Inventory Control involves the following general steps, which are described later in this topic:

Add a new price list code using the I/C Price List Codes screen. For each price list code, you select default options for customer discounts, price checks, and taxes for the items associated with that price list.
Associate items with the new price list using the I/C Item Pricing screen.

Note: You must add inventory items and price list codes before you can associate items with the price lists. You do not need to create price list codes before you add inventory items.

Adding Price List Codes

You use the I/C Price List Codes screen to add the price list codes you need.

You assign a unique code to identify the price list. (Price list codes can contain up to six upper-case letters and numbers.)

For each price list, you also specify default settings for items that you add to price lists, including:

Options for calculating customer discounts for the items you add to price lists. More...
Discount options include:
- How to calculate customer discounts, such as by discounting the selling price, by marking up the markup cost, or by marking up the standard cost.
- Whether to calculate customer discounts or mark ups by a percentage or a specific amount, as well as the percentages or specific amounts to discount or mark up.
- Whether to base customer discounts on customer type, or on the number of items purchased (volume discount).
You can override these options when you add item prices to the price lists.
The rounding method (up, down, or none) to use when calculating discount or markup prices. If you discount or mark up prices by a percentage, you can also specify a number to which you want all prices rounded, such as the nearest five cents.
Tax authorities (such as a state or province) and customer tax classes that apply to items on the price list.

Note: When you set up price list codes, they contain no items or prices.

Associating Items with Price Lists

To have items appear on a price list, associate the items with the price list code using the I/C Item Pricing screen.

When associating an item with a price list, you specify:

The currency code, for multicurrency ledgers. (A price list can contain items that use different currencies.)
The price list code.
The description to appear for the item on price list reports. This description also appears in Order Entry detail lines and on orders and invoices.
Tip: You can translate this description if the price list is for other countries.
The number of decimal places to use for displaying and printing the prices and costs of the item.
A base price ( the expected selling price). More...
You can also:
- Price volume discounts by quantity or weight.
- Enter one or more base prices for multiple units of measure.
- Calculate the base price using the cost plus a percentage or amount.
A sale price, with start and end dates for the sale (optional). More...
You can also:
- Enter one or more sale prices for multiple units of measure.
- Calculate the sale price using the cost plus a percentage or amount.
A markup cost to calculate a selling price for the item.
A start and end date for the price list. (optional) Use this to cut over from an old price list to a new one on a particular date.
Whether to calculate selling prices by discounting your selling (base) price, or by marking up your cost.
Whether to calculate customer discounts on selling prices by a percentage or by a specific amount, and whether customer discounts are calculated based on volume purchased or on customer type.
Whether to check for price overrides in Order Entry for orders that use this price list, and display warnings, error messages, or require supervisors' approval for prices that exceed a particular range.
Tax authorities (such as state or province) and customer tax classes if you want to include taxes in the prices of items for Order Entry.

Maintaining Price Lists

Inventory Control includes the following screens for maintaining price lists for inventory items:

I/C Price List Codes screen. Add new codes to identify price lists, as well as change default discount (or markup) and tax information for each price list.
I/C Item Pricing screen. Associate items with price lists, edit pricing information for items, and remove items from price lists.
I/C Update Item Pricing screen. Change prices or costs for a range of items on one or more price lists.