Overview

Price Lists are a fundamental feature in iVendNext that allow businesses to manage and track the buying and selling prices of items. Whether you’re dealing with different currencies, regions, or customer groups, Price Lists provide the flexibility to set and manage multiple pricing strategies. This article will guide you through the concept of Price Lists, how to create and manage them, and how to link them to items and customers for effective pricing management.

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What is a Price List?

A Price List in iVendNext is a collection of item prices, either for selling, buying, or both. It acts as a container for item prices, allowing businesses to define specific rates for items based on various criteria such as customer groups, territories, or currencies.

If you sell the same product in different regions, you can create separate Price Lists for each region to account for differences in shipping costs, taxes, or market demand. Similarly, you can have different Price Lists for buying items from different suppliers.

Key Features of Price Lists:

Some of the key features are summarized below:

• Multiple Price Lists: You can create multiple Price Lists for the same item, allowing you to track buying and selling prices separately.

• Currency and Region Specific: Price Lists can be set up for specific currencies and regions, making them ideal for businesses operating in multiple markets.

• Customer and Supplier Specific: Price Lists can be linked to specific customers or suppliers, ensuring that the correct prices are automatically applied during transactions.

How to Create and Manage Price Lists

Creating and managing Price Lists in iVendNext is a straightforward process. Here’s a step-by-step guide:

1. Accessing the Price List Section

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

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

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

• Via Retail Menu: Navigate to Home > Retail > Items and Pricing > Price List.

2. Creating a New Price List

1. Click on the Add Price List button to open the New Price List screen.

2. Define the Price List Name: Enter a name that reflects the purpose of the Price List (e.g., "Selling Price List for New York Customers").

3. Select Currency: Choose the currency for the Price List (e.g., USD, INR).

4. Specify the Price List Type: Select whether the Price List is for Selling or Buying.

5. Specify Applicable Countries: Define the countries where this Price List will be applied.

6. Enable/Disable: Toggle the checkbox to enable or disable the Price List. Disabled Price Lists will not be available for selection in transactions.

3. Linking Item Prices to a Price List

Once you’ve created a Price List, the next step is to link it to specific item prices:

1. Go to Stock > Items and Pricing > Item Price > New.

2. Select the Item: Choose the item you want to add to the Price List.

3. Define Unit of Measure (UOM): Specify the UOM for the item (e.g., boxes, kilos).

4. Set the Rate: Enter the rate for the item.

5. Link to Price List: Assign the defined Item Price to the Price List you created earlier.

6. Set Validity Dates: Define the validity period for the item price (optional).

7. Save: Save the changes to ensure that the Item Price is now part of the Price List.

Linking Price Lists to Customers and Suppliers

One of the powerful features of Price Lists in iVendNext is the ability to link them to specific customers or suppliers. This ensures that the correct prices are automatically applied during transactions.

1. Linking to Customers

If you have multiple Price Lists, you can tag a specific Price List to a customer. This ensures that the customer always sees the correct prices when making a purchase. For example:

• If you have a "New York Price List" and a "Houston Price List," you can link the appropriate Price List to customers in each region.

• During a sales transaction, the system will automatically apply the linked Price List for that customer.

2. Linking to Suppliers

Similarly, you can link a Price List to a specific supplier. This is useful when you have different buying prices from different suppliers. For example:

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

• During a purchase transaction, the system will automatically apply the linked Price List for that supplier.

Practical Examples of Using Price Lists

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.

By linking these Price Lists to customers in each region, the system will automatically apply the correct price during sales transactions.

Example 2: Currency-Based Pricing

If you operate in multiple countries, you can create Price Lists for different currencies:

• USD Price List: Set the price of an item in US dollars.

• INR Price List: Set the price of the same item in Indian rupees.

This ensures that customers see prices in their local currency, improving the shopping experience.

Important Points to Remember

• Default Price Lists: iVendNext comes with default Price Lists for buying and selling. You can configure these in the Buying and Selling Settings.

• Disabling Price Lists: If a Price List is no longer needed, you can disable it by unchecking the "Enabled" checkbox. Disabled Price Lists will not appear in transactions.

• UOM Dependency: If an item is sold in different units (e.g., kilos and boxes), ensure that the Price List accounts for these differences. For example, if 1 box = 10 kilos, the Price List should reflect the correct pricing for both units.

Conclusion

Price Lists in iVendNext are a powerful tool for managing item prices across different regions, currencies, and customer groups. By understanding how to create, manage, and link Price Lists, businesses can ensure accurate pricing, improve customer satisfaction, and streamline their operations. Whether you’re dealing with regional pricing, currency differences, or supplier-specific buying prices, Price Lists provide the flexibility and control you need to manage your pricing strategy effectively.