Inventory and Product Mgt: Difference between revisions
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Understanding and managing the decimal precision in the "Standard Material Cost Per Unit" field ensures accurate representation and control of costs in your system. Make sure to adjust your preferences as needed to match your reporting and recording requirements. | Understanding and managing the decimal precision in the "Standard Material Cost Per Unit" field ensures accurate representation and control of costs in your system. Make sure to adjust your preferences as needed to match your reporting and recording requirements. | ||
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===<span id="Selling Price">Selling Price </span>=== | |||
[[#Selling Price|Tag:#Selling Price]] | |||
The Selling Price feature is a vital component designed to facilitate the management of pricing strategies for various customer segments within a product catalog. This functionality can be accessed through the Inventory Management, Maintenance, and Selling Price section. Users are provided with the ability to select a specific product, the desired currency, sales type (or customer category), and the intended selling price. Upon input, users can click the "Add New" button to save the price configuration. | |||
This designated selling price takes precedence when a customer falls within the same customer category and is entitled to a specific discount based on the cost price of the product. To illustrate, if a customer belongs to a particular category (e.g., Reseller) and is eligible for a 20% discount on a product, the configured selling price will be used instead of applying the standard 20% discount to the cost price. In cases where a sales price has not been explicitly set for a product, the system will automatically apply the standard discount based on the cost price. | |||
The flexibility of this feature allows users to establish distinct pricing structures for different scenarios, including sales in different currencies or to various customer categories. This ensures precise and tailored pricing strategies to meet the diverse needs of your clientele. | |||
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[[File:Selling Price.png|border|1200x800px]] | |||
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Revision as of 19:40, 25 September 2023
Standard Material Cost Per Unit and Decimal Precision (Standard Cost)
The "Standard Material Cost Per Unit" or "Standard Cost" field in your system is designed to provide you with precise control over the display and recording of material costs. It adheres to the decimal places preference you have set. Below are key points regarding its behavior:
- Decimal Places Preference: The standard material cost per unit is influenced by the decimal places preference you have configured in your system Preference settings. This preference determines the level of decimal precision displayed throughout the application.
- Retaining Precision: If a standard cost was originally recorded with more decimal places than specified in your preference, the system retains the original level of precision. For instance, if your preference is set to 2 decimal places, but a product price was initially calculated with 6 decimal places (e.g., 12.678912), it will be recorded as such. Subsequently, when you access the standard cost, it will display the full decimal value (12.678912), even though your preference is set to 2 decimal places.
- User-Initiated Changes: Users have the flexibility to manually adjust the decimal places for the price. If a user changes the price to a lower decimal places value, for instance, 12.6789, the system will capture the new price with the reduced precision (12.6789). However, if the user attempts to revert to the original precision of 6 decimal places (12.678912), the system will not automatically restore it.
- Permanent Changes: Further changes made by the user will be recorded according to the new precision setting. For instance, if the user subsequently changes the price to 12.68, it will be stored with 2 decimal places. Unless the preference is adjusted to a higher decimal places setting, the recorded precision will remain at 2 decimal places (e.g., 12.68).
Understanding and managing the decimal precision in the "Standard Material Cost Per Unit" field ensures accurate representation and control of costs in your system. Make sure to adjust your preferences as needed to match your reporting and recording requirements.
Selling Price
The Selling Price feature is a vital component designed to facilitate the management of pricing strategies for various customer segments within a product catalog. This functionality can be accessed through the Inventory Management, Maintenance, and Selling Price section. Users are provided with the ability to select a specific product, the desired currency, sales type (or customer category), and the intended selling price. Upon input, users can click the "Add New" button to save the price configuration.
This designated selling price takes precedence when a customer falls within the same customer category and is entitled to a specific discount based on the cost price of the product. To illustrate, if a customer belongs to a particular category (e.g., Reseller) and is eligible for a 20% discount on a product, the configured selling price will be used instead of applying the standard 20% discount to the cost price. In cases where a sales price has not been explicitly set for a product, the system will automatically apply the standard discount based on the cost price.
The flexibility of this feature allows users to establish distinct pricing structures for different scenarios, including sales in different currencies or to various customer categories. This ensures precise and tailored pricing strategies to meet the diverse needs of your clientele.
