Retailers are in business to make profit, but figuring out how to price products may not be easy. The Australian Securities and Investments Commission found that 40% of small business failures in Australia attributed to cash flow problems or high cash use and a further 33% caused by trading losses. Many pricing strategies exist, but which one to use?
In a dynamic environment, prices and costs of items can change frequently. Using Financials 365
, you can modify these costs or prices on each item or through batch job. In some cases, you may want to alter the unit price of an item for one customer, a group of customers, or all customers, and sometimes only for a specified period, such as during a campaign. This can be done through Financials’ Sales Price functionality.
Below is the screenshot on how to create sales prices for a customer. Simply fill in the fields with ‘Item No.’, ‘Unit of Measure’, and the agreed ‘Unit Price’. You can also show the Variant Code column and specify the Variant Code if there are several variants of the item. You can also specify ‘Currency Code’ and indicate whether line discount and invoice discount should be allowed.
In the Sales Prices feature, you have the conditions that must be met before a customer can be offered an individual unit price for a specific item when quotes, orders, invoices, and CR/Adj Notes are set up. For example, the program automatically looks in the Sales Price table to see whether it contains a sales price, sales discount, invoice discount, item discount, payment discount or even