The pricing tab allows the user to set the price for a specific item in a specific office. A price must exit for each office that offers this item.
Historic Information: Displays the maximum, minimum and average price for the price records listed.
Selecting the Add New Pricing (1) button or the Open (2) button beside an existing price record will display the Office Pricing Information screen
Effective Date (1) : The date at which time the price will start to be used. ( You must have an effective date for the price to be used by Filopto a blank effective date will cause Filopto to not use the pricing record.)
Important:
If you have more than one price entered for an item into Filopto and the "effective date" periods overlap, Filopto will, by default, use the lowest price recorded for the item. If no price entry is valid, the item price will be $0.00
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Expiry Date (1) : The date after which the price will no longer be used. If no Expiry Date is specified, the stipulated price will always be used. Once a price entry has expired you cannot re-activate it, you must create a new price entry. If no Price entry is valid, the price of the item will be $0.00 The entries with an expired date is used for historical purposes, they should not be remove.
Office (2): The office for which this price is to apply. If you have more than one office you will need to create a separate price entry for each office. Each office may sell an item using a different price.
Purchase Price (3) : is the amount you paid for the item. This is the field that is use by Filopto to determine the Markup (4) percentage and Retail Price (5) of an item. This field is used in reports to calculate the Cost of Goods and Gross Margin for an item by calculating the difference between what you paid (Purchase price) and the amount you sold the item (Retail Price).
Important:
The Purchase Price must be present before an invoice is created for Filopto to be able to calculate the Cost of Goods (COG) and Profit Margin. The purchase price at the time the invoice item was entered on the invoice is recorded in the invoice line item record which is then used to calculate COG and Profit Margin in various reports and in Eye on Your Business. . |
MSRP: (Manufacturer's Suggested Retail Price) Some insurance policies use this value to calculate the reimbursement amount to be paid for a claim.
Wholesale: This is the wholesale price of an item. The wholesale price is the price charged for a product as sold in bulk volume as opposed to what is charged to consumers for a unit of the product.
Markup % (4) The markup percent field uses the Purchase Price (3) to calculate the Retail Price. The value entered will be considered a percentage value (example: 200 will be seen as a 200% markup)
Once The Markup percent is entered in the Markup field and the user clicks outside the Markup field, Filopto will automatically calculate the retail price using the markup percentage entered.
If a Pricing Rule exist for the item and the user selects the Calculate Retail Price button the pricing rule(s), margin rules and charm setting) will be use to calculate the retail price. The rule markup value will replace any percentage value entered in the markup field.
Retail Price (5) : This is the sale price that Filopto will use for the item. This is the price used by default in invoices. The Retail Price is base on the Purchase Price (3) field times the Markup percentage entered or defined in a Pricing rule.
The retail price can be entered by:
▪manually entering in the Retail Price field the selling price of the item. The markup field will calculate the markup percentage between the purchase price and retail price.
▪entering a Markup Percentage (4) in the markup field will auto-calculate the retail price. User must click outside of the markup field to cause the retail price to be calculated.
▪using Pricing Rules (6) If a pricing rule, includes the item in its definition, using the Calculate Retail Price (6) button will cause the pricing rule to be applied and retail price and markup field to be auto-calculated. Important the running of the pricing rule(s) will change all items that the rule(s) is/are designed to change.
Selling Unit: Is the unit size for selling the item. For example, it could be a box of 6 items (contact lens) or be a unit of one item (frame).
Apply Tax No 1, Apply Tax No 2 and Apply Tax No 3: activates the defined tax rates and applies them to the item when the item is sold. The tax is displayed on the invoice.
Authorized By: The person who entered/authorized the price record.
Authorized Date: The date the price record was created.
Pricing Rule Manager/ Calculate Retail Price (6):
The Pricing Rule Manager (6)allows pricing rules to be created base on a user defined pricing formula. Pricing rules can apply to one or more item(s), a type of items, a vendor items, a manufacturer items, a category of items or a group of items. Pricing rules can also define the rounding of a calculated retail price (up, down or set to a specific value) and charm pricing rule (such as $0.99 or $0.98, etc.). The Pricing Rule Manager can apply the defined rules to more than one item at a time. Review the Pricing Rule Manager help file for more information.
The Calculate Retail Price (6) will execute the active pricing rule(s) which affects the pricing for specific office for the selected item shown in the Office Pricing Information screen. The rule(s) will override any value entered in the Pricing tab for each item defined by the rule(s). Review the Pricing Rule Manager help file for more information.
IMPORTANT
When a Pricing rule is created and active, the Calculate Retail Price (6) button can be use to calculate the Retail Price (5) and Markup (4) percentage for the specific item and office selected.
The Calculate Retail Price button will apply the specified rule(s) to only the selected office and item. No other inventory item or office price will be affected.
