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File - Inventory - Sell Price

Micronet maintains up to 16 selling prices – eight of these are assigned to wholesale (Price Group 1) customers and eight to retail (Price Group 2) customers. Pricing is retrieved during invoicing from the Inventory master file based on the Debtor’s master file being set up as a Price Group 1 or Price Group 2 customer – see "File - Debtor - Debtor".

While Micronet maintains the item cost price (average, fixed, FIFO, LIFO) for you, you can also store up to eight buy prices for every item in the Inventory master file. One of these prices is usually assigned as the last buy (landed) price. The last landed figure is automatically copied across for you during each receipt of new items from your supplier.

If you are using the Micronet Kitting System (MKS), one other of the buy prices is assigned as the last made (assembled) price. The last made figure is automatically updated when kits are assembled from works orders.

The other prices could be used to represent overseas prices or the price by which markups should be applied to calculate selling prices.

When you enter the buy prices and markups, Micronet displays the sell prices for the item at the right of the Item Update screen - Sell Price tab.

 

Reference

For more information about the buy price names and sell price names displayed on this screen, see "File - Inventory - Price Names".

For more information about buy and sell price breaks, see "File - Inventory - Price Breaks".

To set up item buy prices:

  1. Add a new item or open an existing one.

Refer to "Adding a New Item" or "Updating an Item".

  1. Select the Sell Price tab.

Micronet displays the Item Update screen - Sell Price tab.

  1. Complete the following fields for buy prices 1-8 for wholesale (Price Group 1) and retail (Price Group 2):

 

Field

Value

 

Buy Price

Enter the buy price for each price break. Micronet loads the buy price when users create purchase orders for the item.

 

Actual Markup

Enter the actual markup percentage you want to apply to the item for this price break.

If the changed buy price is set as a Source of Markups on the Markups Configuration screen in your company settings (refer to "Edit - Program - Markups"), Micronet either automatically recalculates the actual markup or displays the Buy Prices Changed screen depending on the option selected in the Default Markup Method on Buy Change field on the Markups Configuration screen.

If this screen is displayed, select how you want the item prices calculated:

  • Change Sell Use Actual Markup – change the sell price using the Actual Markup entered on the Item Sell Prices screen
  • Change Actual Markup – retain the sell price you entered and change the markup to match
  • Change Sell Use Desired Markup – change the sell price using the Desired Markup entered on the Item Sell Prices screen.

Select the Ok button.

 

Desired Markup

Micronet displays the desired markup for the item and price break as entered on the Desired Markup tab – see "File - Inventory - Desired Markup".

 

Ex Price

Micronet displays the sell price for the item and price break, excluding sales tax.

 

Tax

Micronet displays the amount of sales tax in dollars according to the percentage set in the Sales Tax/GST field for the item on the Item tab – see "File - Inventory - Item".

 

 

Technical Tip

Whether buy and sell prices are GST inclusive or exclusive is setup in the Nett Prices Include GST and Nett Buy Prices Include GST fields on the Taxation Configuration screen in your company settings – see "Edit - Program - Tax".

 

 

Inc Price

Micronet displays the item price including sales tax (Ex Price + Tax).

 

Break

Micronet displays the price breaks.

 

GP %

Micronet displays the percentage of gross profit.

 

GP $

Micronet displays the gross profit in dollars.

 

 

Technical Tip

If you change the GP % or GP $, Micronet will calculate the new sell price to the number of decimal places entered in the Number of Decimal Places on Sell Prices field on the Inventory Configuration screen in your company settings – see "Edit - Program - Inventory". This calculation might result in slight changes to the actual figures you entered due to rounding.

 

 

Markup Source

Micronet displays the price set in the Source of Markups field on the Markups Configuration screen in your company configuration – see "Edit - Program - Markups".

 

Use Markup Source for GP

Check this box if you want to use the Markup Source to calculate gross profit values.

 

Display GP Using

This field is used when an item is imported and one or more of the Buy Prices display the foreign currency value rather than the local currency value.

It allows you to select a cost on which to base the calculation of the GP % and GP $ values so they display the correct values in your local currency. Note that these values are display only; no data is updated in Micronet.

By default, GP is calculated on the buy prices, but you can also calculate it based on Average Cost or Last Cost. Micronet will remember the cost selected and display the same cost the next time you open this screen.

 

 

Technical Tip

This field applies where the Copy Cost Price to Buy 1-8 fields on the Purchasing Configuration screen are set to update buy prices – see "Edit - Program - Purchasing".
  1. If you want Micronet to recalculate the sell prices of the item using the desired markups, select the Recalculate button.

Micronet displays the Recalculate Sell Prices screen.

  1. If you want Micronet to allow the recalculation of the sell price when the desired markup is zero, check the box. If you don’t want this, leave the box unchecked.
  1. Select Yes to recalculate the sell prices.

Micronet recalculates the sell prices for the item using the desired markups.

  1. Select FILE | SAVE.

Micronet saves the new buy and sell prices for the item.