Price List & Item Price
Overview
The Price List & Item Price feature in DIGITZ ERP is used to define and manage the pricing structure for items across different business scenarios.
Price Lists allow organisations to maintain separate pricing for selling, buying, wholesale, retail, and other pricing categories.
The Item Price document stores the actual rate of each item under a selected Price List.
This setup keeps pricing flexible, structured, and easy to maintain across purchase, sales, and stock-related transactions.
Purpose
The purpose of the Price List & Item Price configuration is to:
- Maintain controlled and consistent pricing throughout the system.
- Define pricing for multiple business types (retail, wholesale, contract-based, cost-based, etc.).
- Support different buying and selling rates for various customers and suppliers.
- Avoid manual price entry and reduce rate-related errors.
- Centralise price control for reporting and operational accuracy.
How It Works
- A Price List acts as a pricing category (e.g., Standard Selling, Wholesale, Cost Price).
- An Item Price entry is created for each item under the appropriate Price List.
- When a Purchase or Sales document is created, the rate is fetched automatically based on the selected Price List.
- Organisations can maintain multiple prices for the same item by using multiple Price Lists.
- Prices can be updated by modifying Item Price entries without editing item master data.
Assigning Price List to Customer or Supplier
DIGITZ ERP allows you to assign a default Price List directly to a Customer or Supplier.
This ensures that every new transaction created for that party automatically uses the assigned Price List.
Benefits
- Prices are fetched automatically from Item Price.
- Different customers can have different selling prices (retail, wholesale, contract pricing).
- Suppliers can have different buying prices depending on vendor category.
- Reduces manual errors and ensures consistent pricing.
Where to Set It
Inside the Customer or Supplier master:
- Select the default Price List in the pricing section.
- When creating Sales Orders, Sales Invoices, Purchase Orders, or Purchase Invoices, the system automatically loads this Price List.
Users may override the Price List during transactions based on permissions.
Key Fields
Price List
- Price List Name
- Buying or Selling indicator
- Currency
- Status (Enabled/Disabled)
Item Price
Each entry contains:
- Item
- Price List
- Rate
- Currency
- Validity Dates (optional)
- Remarks
Workflow
Creating a Price List
- Go to Price List.
- Create a new Price List.
- Mark it as Selling or Buying.
- Save.
Creating Item Prices
- Go to Item Price.
- Select Item.
- Select Price List.
- Enter Rate.
- Save and Submit.
In Transactions
- Selecting a Customer or Supplier with an assigned Price List automatically loads the correct price.
- Users may select a different Price List if permissions allow.
Impact on Operations
- Provides consistent pricing across all sales and purchase transactions.
- Supports multiple pricing strategies for different market segments.
- Eliminates manual rate entry and maintains data accuracy.
- Helps in generating price-related MIS reports.
- Works seamlessly with Item Master, Selling, Buying, and Stock modules.
Notes
- An item may have multiple Item Price entries across different Price Lists.
- Recommended to maintain clear naming conventions for Price Lists.
- Price Lists can be deactivated when no longer needed.
- Item Price should be the primary place to manage rates instead of Item Master.
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