Buying Price

The Buying Price function is designed to manage and record the purchase prices of products from specific vendors. This feature allows you to keep track of different prices, currencies, and product descriptions for the same item purchased from various suppliers.

Key Features:

1. Vendor-Specific Pricing:
   • When a product is purchased from different vendors, each with a unique price, currency, and description, you can update these details using the Buying Price function.
   • This ensures that your records are accurate and reflect the specific terms of each transaction.
2. Automatic Price Retrieval:
   • During the creation of a Purchase Order (PO), the system will automatically retrieve and populate the corresponding product price based on the vendor name and product ID.
   • This eliminates the need to manually remember or input the buying price, streamlining the PO creation process.
3. Default Pricing:
   • If the system does not find a matching product, it will default to a unit price of 0.00.
   • You can update this price by simply filling in the form provided on the Buying Price page.
4. Automatic Price Updates:
   • By default, when a product is received and no prior buying price record exists, the system will automatically add the new pricing information.
   • If a price record is already in place (matching the supplier, currency, and product ID), the system will update the record with the latest price.
5. Ad-Hoc Price Modifications:
   • Some users may not want to add or update ad-hoc buying prices, such as special discounts or bulk purchase rates, since these are often one-off deals.
   • Our system can be modified to prevent automatic updates of the buying price when a product is received (Ref: M0703). This change will apply globally, ensuring that no buying prices are updated or added automatically when products are received.

How to Update the Buying Price:

1. Navigate to the Buying Price page: Inventory Management > Pricing > Buying Price.
2. Fill in the necessary details in the provided form, including vendor name, product ID, price, and currency.
3. Save the changes to update the system with the new buying price.