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 option to create multiple Price Lists for a single item. This allows you to keep track of both the selling and buying prices of an item separately. Additionally, if an item’s selling prices vary based on factors like territory or other criteria, you can create multiple Selling Price Lists for it.

When you select a Price List, its currency and whether it applies to selling, buying, or both will be automatically retrieved. To ensure that item prices are fetched correctly in sales or purchase transactions, you should select the appropriate Price List under Currency and Price List in the transaction.

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)

Users have the option to include prices specific to different units of measurement (UOMs) if an item is sold in various UOMs. For example, if an item like Rice is sold in both 1 KG and 500 grams packets, users can specify the UOM in the item prices. The appropriate item price will then be applied based on the selected UOM in the transaction.

2.2 Packing Unit

This indicates the amount that needs to be bought or sold for each unit of measure. For instance, if the Packing Unit is set to two and the unit of measure (UOM) is one, then two items will be transacted per quantity. By default, this value is set to 0. You can utilize non-integer UOMs such as 1.5 kg of oats for 1 Packing Unit. If you keep it as 0, it won’t impact any transactions.

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

When you choose a Selling Price list, a customer field will emerge, allowing you to assign this Item Price to a particular customer. Similarly, if you opt for a Buying Price List, a Supplier field will surface, enabling you to select a specific Supplier.

2.5 Applying Price List to a specific batch

You can also associate a particular batch with an Item Price. When you choose that batch in the transaction, the item price linked to that specific batch will be utilized.

2.6 Validity

There are two fields here—’Valid From’ and ‘Valid Upto’. Valid from is set to the date you created the Item Price, you can also set the Valid Up to date on which the Item Price will expire.

2.7 Lead Time in days

2.8 Note

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

3. Related Topics

1. Item
2. Applying Discount