DEAR Inventory lets you set up to 10 price points for each individual product. Customers are assigned a price tier which sets what price they can buy products for. Price Tier names are set up in General Settings while Price Tier values are managed from the Inventory module.
Price tiers can be assigned to customers on the customer details screen or to a sale order in the document header. The sale order price tier takes priority over the customer price tier.
Setting prices at the product level is optional since they can also be set and modified at the purchase or sales level. Price Tier amounts can be set manually or calculated using markup rules, including the option to dynamically follow changes in supplier pricing.
Table of Contents:
- Edit price tier names
- Edit price tier values
Edit price tier names
Set different names for your price fields from the DEAR settings module.
Set price tier names:
- Navigate to Settings -> General Settings -> Price Tier Names.
- Enter the Price Tier names into the fields.
- Click Save.
Edit price tier values
DEAR allows you to set up to 10 price tier values for your products. To set price tier values, navigate to Inventory -> Products and select the product you want to add prices to. The Prices tab is visible in the lower half of the screen. Price Tier amounts can be set manually or calculated using markup rules, including the option to dynamically follow changes in supplier pricing.
Static pricing is the simplest pricing. On the Prices tab, simply click the Price field for the price tier and enter the static value.
NOTE: Static price tiers do not undergo currency conversion. For example, consider two customers: Customer 1 has a base currency of AUD (your base currency), while Customer 2 has a base currency of USD. If they are both assigned the 'Retail' price tier of 200 for a product, the sale order for Customer 1 will display AU$200, while the sale order for Customer 2 will display US$200. If using simple pricing, we recommend to use separate price tiers for customers with other base currencies. You can also use calculated pricing to convert specific prices to different currencies using the most current rate. See Multicurrency for more information.
Calculated pricing – Markup% and Append
Price Tier amounts can also be calculated using multiple different base prices. To enable this option, simply check the Calculated box for that price tier.
NOTE: All calculated prices are shown in your base currency. Markup percentages or append values are added after the currency conversion. When selling in a different currency, the selling price will be recalculated according to the most current conversion rate from https://openexchangerates.org/. See Multicurrency for more information.
There are two types of calculated prices – Markup% or Append.
- Markup% – final price is calculated as a percentage of the base value. The percentage to mark up is entered into the Value field. A value of 30 gives a 30% markup.
- Append – the append value is simply added to the base value. Append values always refer to your base currency.
In the Use field, you can select the base value for calculated prices. DEAR allows you to select from four base values:
- Average Cost – this is the default base value. See Average Cost for more information on how this value is calculated. The current average cost for the product is displayed on the Prices tab for that product.
- Fixed Supplier Price – fixed supplier prices are set on the Suppliers tab for the product. If there are two or more fixed supplier prices for a product, the fixed price with the latest Last Supplied Date is used for the calculated price. If the fixed supplier price is in a different currency, it is converted into the base DEAR currency first before the markup price is calculated.
- Last Supplier Price – the last supplier prices for a product can be viewed on the Suppliers tab for the product. If there are two or more price values for a product, the price with the latest Last Supplied Date is used in calculating the markup price. If the last supplier price is in a different currency, it is converted into the base DEAR currency first before the markup price is calculated.
- Price Tier Value – the number in the Value field is used as the price. When a customer buying this product has a different base currency, the price tier value is dynamically converted into the customer's base currency with the current conversion rate.
You may wish to adjust calculated prices to set up a special price ending/charm pricing strategy – this is done using rounding tables.
Rounding tables are used to adjust calculated prices to implement special price endings/charm pricing strategies. Rounding tables are set up in General Settings.
Set up a rounding table:
- Navigate to Settings -> General Settings -> Rounding Table.
- Click + to add a new rounding rule.
- Enter the range of numbers to be covered by the rule. The first number under the Range from column is always 0 while the Range to column should be the greatest number that will be covered by the rule.
- Enter a value in the Round to Nearest column. This will be the rule that DEAR will use for your calculated prices. For example, if the Round to Nearest value is 0.1 and the Calculated price is 8.54, the price will be set to 8.50 after applying the rounding rule.
- By default, No adjustment is selected as the adjustment rule. This means that the amount will not be adjusted after the rounding rule is applied. You may change this to either Add or Subtract.
- If the adjustment rule is set to Add or Subtract in Step 5, enter a number under the Value column. This is the amount that will be added to or subtracted from the price after the rounding rule is applied.
- Repeat Steps 3-6 to set up your other rounding rules, then click Save.
In this rounding table example:
- A calculated price of 2.34 will be rounded/adjusted to 2.
- A calculated price of 38.87 will be rounded/adjusted to 38.90 (39 - 0.1).
- A calculated price of 137.80 will be rounded to 139 (140 - 1).