Creating and Managing Item Prices

Creating and Managing Item Prices

Overview

Item Prices are a critical component of iVendNext, enabling businesses to define and manage the buying and selling rates of items. Whether you’re setting up prices for different regions, currencies, or customer groups, Item Prices provide the flexibility to tailor your pricing strategy to meet your business needs. This article will guide you through the process of creating and managing Item Prices, linking them to Price Lists, and applying them to specific customers, suppliers, or batches.



What are Item Prices?

Item Prices in iVendNext are records that define the buying and selling rates of items. They allow businesses to set specific prices for items based on various factors such as customer groups, territories, or units of measurement (UOM). Item Prices are linked to Price Lists, which act as containers for these prices, making it easier to manage multiple pricing strategies.



Idea
If you sell an item in different regions, you can create separate Item Prices for each region and link them to the corresponding Price Lists. This ensures that the correct price is automatically applied during transactions.



How to Create Item Prices?

Creating Item Prices in iVendNext is a simple process. Here’s a step-by-step guide:


1. Accessing the Item Price Section

You can access the Item Price section in iVendNext through multiple menus:


  • Via Stock Menu: Navigate to Home > Stock > Items and Pricing > Item Price.

  • Via Buying Menu: Navigate to Home > Buying > Items and Pricing > Item Price.

  • Via Selling Menu: Navigate to Home > Selling > Items and Pricing > Item Price.


2. Creating a New Item Price

  1. Click on the New button to open the Item Price creation screen.

  2. Select the Item: Choose the item for which you want to set the price. The item’s name, UOM, and description will be fetched automatically.

  3. Select the Price List: Choose the Price List to which this Item Price will be linked. You can select a Selling Price List, Buying Price List, or any custom Price List you’ve created.

  4. Enter the Rate: Specify the rate for the item. This is the price at which the item will be bought or sold.

  5. Save: Click the Save button to save the Item Price.



Linking Item Prices to Price Lists

Item Prices are linked to Price Lists, which act as containers for these prices. This linkage ensures that the correct prices are applied during transactions based on the selected Price List.


1. Linking to Selling Price Lists

If you’re setting up a selling price for an item, link it to a Selling Price List. For example:


  • If you have a "New York Price List" and a "Houston Price List," you can create separate Item Prices for each region and link them to the corresponding Price Lists.

  • During a sales transaction, the system will automatically apply the correct price based on the selected Price List.


2. Linking to Buying Price Lists

Similarly, if you’re setting up a buying price for an item, link it to a Buying Price List. For example:


  • If you buy an item from Supplier A at $100 and from Supplier B at $120, you can create separate Item Prices for each supplier and link them to the corresponding Buying Price Lists.

  • During a purchase transaction, the system will automatically apply the correct price based on the selected Price List.



Applying Item Prices to Specific Customers, Suppliers, or Batches

iVendNext allows you to apply Item Prices to specific customers, suppliers, or batches, ensuring that the correct prices are applied during transactions.


1. Applying to Specific Customers

If you want to offer special prices to specific customers, you can link Item Prices to those customers. For example:


  • If Customer A is eligible for a 10% discount on an item, you can create a special Item Price for that customer and link it to their account.

  • During a sales transaction, the system will automatically apply the discounted price for Customer A.


2. Applying to Specific Suppliers

Similarly, you can link Item Prices to specific suppliers. For example:


  • If Supplier A offers a lower price for an item compared to Supplier B, you can create separate Item Prices for each supplier.

  • During a purchase transaction, the system will automatically apply the correct price based on the selected supplier.


3. Applying to Specific Batches

If you deal with items that have different batches (e.g., perishable goods), you can link Item Prices to specific batches. For example:


  • If Batch A of an item has a different cost compared to Batch B, you can create separate Item Prices for each batch.

  • During a transaction, the system will automatically apply the correct price based on the selected batch.



Using Unit of Measurement (UOM) and Packing Units

iVendNext allows you to set Item Prices based on different units of measurement (UOM) and packing units, providing flexibility in pricing.


1. UOM-Specific Item Prices

If an item is sold in different units (e.g., kilos and boxes), you can create separate Item Prices for each UOM. For example:


  • If 1 box of an item contains 10 kilos, you can set the price for both the box and the kilo.

  • During a transaction, the system will automatically apply the correct price based on the selected UOM.


2. Packing Units

Packing Units define the quantity that must be bought or sold per unit of measure. For example:


  • If the Packing Unit is set to 2 and the UOM is 1, the system will transact 2 items per unit.

  • This is useful for items that are sold in bulk or specific quantities.



Practical Examples of Using Item Prices

Example 1: Regional Pricing

Imagine you sell a product (e.g., WB-1001) in both New York and Houston. Due to differences in shipping costs and taxes, you want to sell the product at different prices in each region:


  • New York Price List: Set the price of WB-1001 at $225.

  • Houston Price List: Set the price of WB-1001 at $180.


Notes
By linking these Item Prices to the corresponding Price Lists, the system will automatically apply the correct price during sales transactions.


Example 2: Supplier-Specific Buying Prices

If you buy an item from multiple suppliers, you can create separate Item Prices for each supplier:


  • Supplier A Price List: Set the buying price at $100.

  • Supplier B Price List: Set the buying price at $120.


Notes
During a purchase transaction, the system will automatically apply the correct price based on the selected supplier.



Important Points to Remember

  • Validity Dates: You can set validity dates for Item Prices, ensuring that special prices or discounts are only applied within a specific time frame.

  • Minimum Quantity: You can specify a minimum quantity for an Item Price to be applicable. For example, if the minimum quantity is 10, the special price will only apply if the customer purchases 10 or more units.

  • Batch-Specific Pricing: If you deal with items that have different batches, ensure that you create separate Item Prices for each batch.



Conclusion

Creating and managing Item Prices in iVendNext is a straightforward process that provides businesses with the flexibility to tailor their pricing strategies. By linking Item Prices to Price Lists, customers, suppliers, or batches, businesses can ensure accurate pricing, improve customer satisfaction, and streamline their operations. Whether you’re dealing with regional pricing, supplier-specific buying prices, or batch-specific pricing, Item Prices provide the control and flexibility you need to manage your pricing strategy effectively.



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