Price Wizard - Update Expression

 

Back Office >Administration > Price Level & Media Set-up > Price Levels tab > Update Expression column

 

Description

 

This feature allows a Price Level to automatically be calculated by applying the selected Update Expression based on an existing Price. When configured correctly it could be possible to change just one Price Level and have all other Price Levels update automatically based on the selected Update Expressions.

 

Allows another Price Level to automatically update Prices based of predefined rules. If you set up an expression and you want it to effect all Products, you would have to run a Price update of (multiply by 1) on the expression source to trigger the expression for the first time. These options are set up in the Price Level Descriptions Menu.

 

To Be Considered

 

  1. The rules that relate to a Price Level that will be automatically updated are:


    1. Product Sell Prices which have a rule applied against them are locked, preventing the manual updating of the Price in that Price Level. If an affected Price Level Sell Price is changed in the Product Edit screen, the operator will be advised of the rule that applies.
    2. When setting a Price Level to update a Price using the items cost as the source for the calculation, the Base Price must refer to itself and not another Price Level.
    3. All rules are activated by changing the source Price, for this reason, to stop a potential cascading effect, Price Levels with an update expression set are excluded from the appropriate Price change and Cost change Wizards.

 

Price Wizard - From Where

 

The Wizard is accessed from here. Using the tabs below, create an Update Expression to determine a Price based on a calculation of an existing Price.

 

  • Source Price


 

Select the Price on which the new Price is to be calculated.

  • From Sell Price
  • From Cost Price - Select to open the Search Locations screen to select the Location from which the Cost Price is to be retrieved and used as the basis for the new Price calculation.
  • Add Tax - Select to add Tax prior to any calculations being done.


  • Formulas & Rounding


 

Select the formula and rounding required to determine the new Price. For more information ...


  • Reset Defaults - Select to reset to default settings
  • Back - Select to return to the previous step.
  • Next - Select to proceed to the next step.
  • Finish - Select to run the wizard.
  • Cancel - Select to exit the wizard without running it.

 

Examples

 

  1. Automatically update the sell Price based on a change to the cost Price.


In this example the Staff Price Level is set to add 5% to the cost Price of each item.

 

 

When the value of the Cost Price of an item changes (for example when a Supplier Invoice is committed with a different cost) the items selling Price for the Staff Price Level will be automatically updated to maintain the 5% margin set in the update expression. If the Location Group (Venue) is tracking cost Price by each Location, the cost will be calculated as an average across each Location that has the Price Level active for that Location.


  1. Automatically update the sell Price based on a change to the sell Price for a different Price Level.


In the example below, the Members Price Level is set to subtract 10% from the Normal Price Level of each item. The rule also has an exclusion on all Products in the 'Breakfast' Family. Products in this Family will NOT be updated automatically.

 

Now when a Product's Normal Price Level (Selling Price) is adjusted in the Product Edit screen the Members Price Level will automatically update when the record is saved.

 

NB. Using Price Change and Cost change Wizards.

 

In the above example, it would be perfectly fine to use the Price Change Wizard to update the Normal Price Level. However, there are 8 other Price levels all use the Normal Price Level as the Base Price to calculate their price. This means that any Price Change will trigger the other 8 Prices to be updated as well. If there are a large number of Products to be updated as part of the Price Change, this will impact heavily on the time taken to commit the changes. Therefore, it is recommended that when initially setting up each Price Level, to temporarily set the Update Expression to None for all Price Levels, then run the wizard for the appropriate Price Levels (in the example above that would be the Normal Price Level) and then set the Update Expression back to its previous settings for the remaining Price Levels. This will ensure that any future changes to Prices will be correctly maintained.

 

Add Tax

 

There are 2 Add tax options:

 

  1. From Where tab, is used to add tax to the cost field, if the Product is in a Category that is assigned a tax rate.
  2. Formulas & Rounding tab, is used to add tax to either the cost or sell Price (as selected in the From Where tab), if the Product is in a Category that is assigned a tax rate.

 

Note : Only one of the above can be used at any one time.

 

Related Topics

 

  1. Administration
  2. Scheduled Price Level Changes

 

Published 28 Mar 2024