Item Price is the record in which you can log the selling and buying rate of an item.

1. How to create Item Price

1. There are two ways to reach a new Item Price form:Selling/Buying/Stock > Items and Pricing > Item Price > New.Or

   Stock > Item > Click on “+” next to Item Price.

2. Select the Item. The name, UoM and description will be fetched.
3. Select the Price List whether Selling/Buying price or any other price list you may have created.
4. Enter the actual rate in the Rate field.
5. Save.

1.1 Selecting the Price List

In BizCentric, you have the flexibility to create multiple Price Lists for a single Item, allowing you to manage Selling and Buying Prices separately. Additionally, if an Item’s selling prices vary based on Territory or other criteria, you can create multiple Selling Price Lists for it.

When you select a Price List, its currency and applicability (whether for selling, buying, or both) will be automatically fetched. To ensure that Item Prices are retrieved in sales or purchase transactions, you need to select the appropriate ‘Price List’ in the transaction under Currency and Price List.

To check all Item Prices together, go to:

Stock > Stock Reports > Item Price Stock

Visit the Price Lists page to know more.

2. Features

2.1 Unit of Measurement (UOM)

2.2 Packing Unit

This is the quantity that must be bought or sold per unit of measure. For example, if Packing Unit is two, and UOM is one, two items in quantity will be transacted. The default is 0, you can use non-integer UoM like 1.5Kg Oats for 1 Packing Unit. If you leave it as 0, it’ll not affect any transaction.

2.3 Minimum quantity

This is the minimum quantity of items to be transacted for this price to be applicable and updated in the Item Price list.

2.4 Applying Price List to a specific Customer/Supplier

If you choose a Selling Price list, a customer field will become visible, allowing you to allocate this Item Price to a particular customer. Similarly, if you opt for a Buying Price List, a Supplier field will appear, enabling you to select a specific supplier.

2.5 Applying Price List to a specific Batch

You can also link a specific batch to an Item Price and on the selection of that batch in the transaction, the item price for that specific batch will be applied.

2.6 Validity

There are two fields provided: ‘Valid From’ and ‘Valid Until’. The ‘Valid From’ date is automatically set to the date of Item Price creation, and you can additionally specify the ‘Valid Until’ date, indicating when the Item Price will expire.

2.7 Lead Time in days

The estimated duration in days for the product to reach the warehouse. You can establish distinct Item Prices depending on the varying delivery times of the same product from different vendors.

2.8 Note

You can add any note about the Item Price in this field.

1. Item