Before you jump into the Acumatica screen to set up item pricing, you should think about what drives pricing on your products. Things such as:
- Stock or non-stock item
- Default price
- Sales price
- The customer
- The price class
- Unit of measure
- Markup percent
- And possibly more
Note: Acumatica’s sales order entry does not look at parent-child relationships. So if you are trying to set up a price structure for the parent which applies to all of its children, be aware, the sales order entry will not see that.
No matter how you determine pricing, Acumatica looks for the default price to be in the base unit of measure. In other words, this default price is used for all sales if no other price is applicable. For example, a promotion, a customer-specific price, a promotion for the price class, then the price class, a base promotional and the base, then the base price, then the default price on the item. Here’s the hierarchy of pricing in Acumatica:
Sales Price Screen
Let’s take a look at sales prices. In this screen, you can filter, sort, and export to Excel. It also includes price types, but at the end of the day there’s a base price, which is the price in the unit of measure and currency with an effective date and, potentially, an expiration date. Additionally, you can add in prices here. For example, you could specify that the ABC computer will be $500 as of October 1, 2018. Once you save it, it’s effective and out there waiting to be used on orders and invoices after October 1st.
What if you want to update prices on a lot of items at once? Acumatica makes it easy with their worksheet tool.
Sales Price Worksheet
This is a great feature of Acumatica. It integrates with Excel allowing you to manage the process of rolling out new prices in the system with ease. Using this worksheet, you can load price updates for items based on:
- Item Class
- Item ID
- Product Manager
- Individual Items
In this worksheet you can also copy current prices and calculate new prices by markup or markdowns based on fields such as Last Cost, Average, or Standard Cost, Source pricing, MSRP, and existing Pending Price.
One factor you need to consider are discounts and discount codes. Discounts can be automatic or manual and can also be promotional – meaning they are effective during a specified time period. Traditionally, discount codes are used at the line-level, but they have also been used at a document perspective, a manual override to an amount, and on a group discount as well.
In order to use discounts in Acumatica, the customer and vendor discounts need to be enabled in the “Enabled Features Screen”. If that is not turned on, these are not available. Go to enable/disable features form (CS100000; Configuration>Common Settings>Licensing), then enable the Customer & Vendor Discounts feature in the Advanced Financials group.
Discounts in the Invoice / Memo Screen
In the discount screen, there are tick boxes for excluding discounts or “Skipping” a discount. That way even if the customer logic applied to multiple discounts, they would only get one of them. Additionally, in the upper right, we see the detail total and discount total. Below, the Balance amount will equal the Detail Total minus the Discount Total of the document.
If you need further information on setting prices and discounts in Acumatica, watch their 4-5 minute YouTube video.
I hope this helps explain some of the factors involved in item pricing in Acumatica. Here are 3 tips to remember:
- The first price is not always the best price.
- Understand your pricing structure.
- Customization is an option.
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