Introduction
Welcome to this comprehensive guide on how to efficiently manage your item prices in Empress. The Item Price feature within Empress allows you to record the selling and buying rate of an item, making it easier to keep track of your inventory costs and profits.
Introduction to Item Price
Item Price is a powerful feature that allows you to log the selling and buying rate of an item. It helps streamline your pricing strategies and provides a clear view of your inventory’s value. With this feature, you can easily manage various price lists, track price changes, and sort items according to their selling or buying prices.
Creating an Item Price
- You can create a new Item Price through two pathways:
- Selling/Buying/Stock > Items and Pricing > Item Price > New
- Stock > Item > Click on “+” next to Item Price.
- Once you’re in the new Item Price form, select the Item. The system will automatically fill out the name, UoM (Unit of Measurement), and description.
- Next, choose your Price List. This could be a Selling/Buying price list or any other price list you’ve created.
- Input the actual rate of the item in the Rate field.
- Click Save to finalize your new Item Price.
Price List Selection
Empress offers you the flexibility to create multiple Price Lists for a single item. This is especially useful when you need to track Selling and Buying Prices separately or when an item’s selling price changes based on various criteria such as territory.
When you select a Price List, its currency and applicability (whether it’s for selling, buying, or both) will be automatically filled in. To ensure that the Item Price is reflected in the sales or purchase transaction, remember to have ‘Price List’ selected under the Currency and Price List section of the transaction.
Item Price Features
The Item Price feature also provides a range of additional functionalities that enhance its utility in everyday business operations.
Unit of Measurement (UoM)
You can specify item prices for different UoMs if an item is sold in various units. This helps maintain accurate pricing across different packaging formats.
Packing Unit
This refers to the quantity that must be bought or sold per unit of measure. This feature ensures that transactions adhere to your specified packing unit, enhancing inventory management efficiency.
Minimum Quantity
This is the lowest quantity of items required for the price to be applicable and updated in the Item Price list.
Specific Customer/Supplier Price List Application
The feature allows you to assign an Item Price to a specific customer (for Selling Price List) or supplier (for Buying Price List).
Specific Batch Price List Application
You can assign a specific batch to an Item Price. When that batch is selected in a transaction, the assigned Item Price will be applied.
Validity
Set a ‘Valid From’ date and a ‘Valid Upto’ date for each Item Price to manage price changes effectively.
Lead Time in Days
This feature allows you to set different Item Prices based on the approximate number of days it takes for the product to reach your warehouse from different vendors.
Note
Add any additional information or notes about the Item Price here.
Conclusion
The Item Price feature in Empress is a powerful tool that enhances your pricing strategy and inventory management. It provides a clear and flexible way to manage, track, and sort item prices, ensuring that you have an accurate view of your inventory’s value at all times.
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