Enter Item Price and Cost
Overview | Price and Cost Relationship | Price Manager
Basic
(Pro) This option is available at Headquarters only.
Note: The ability to see cost fields, including margin and markup and other fields related to cost, can be controlled by security rights. If you do not have the right to view item costs, the fields will be masked like this "*****". This right affects cost fields in inventory and on all documents and reports.
The item Pricing window allows you to enter or edit an items cost and price information, including markdown price levels, an MSRP price, and margin/markup values on a single window.
You can open this window while adding, editing, or viewing an item.
To access the Pricing window:
Select an item in your item list.
Click Edit. This step is not necessary if you just want to view the pricing information.
Click the Pricing button in the Basic Info section. The Pricing Window is opened as shown below.
(Pro) If using the multiple units of measure feature, select the unit for which you want to view/edit this information from the drop-down menu (not shown).
Explanation of Price/Cost Fields
Regular Price Your everyday retail price of the item. If you wish to use a department pricing formula to calculate your price, leave this field blank when adding a new item. Learn more.
MSRP Manufacturers Suggested Retail Price; a reference price that, if entered here, is printed on your price tags to demonstrate savings to your customers. Note: Some tag templates may not display the MSRP, due to size limitations.
Cost The average unit cost for the item quantity currently on hand. Enter this cost ONLY if you have an on-hand quantity of the item when initially setting up Point of Sale. Otherwise, as you make receiving vouchers, Point of Sale automatically updates this field. Learn more.
Margin % Gross margin or profit margin percentage. Auto-filled from department record (if defined) on new items and updated automatically as average unit cost changes. Manually editing the margin results in a recalculation of your price(s).
Markup % Alternate way to express profit; markup by n% over average unit cost. Same behavior as margin. When either are edited, the other is recalculated automatically.
Price Levels
Optionally, enter prices and markdown percentages for your markdown price levels for the item (your custom price level names displayed). If you use Point of Sales pricing formula to calculate your regular prices and have defined price level markdown percentages, Point of Sale automatically calculates the price at each price level for you on new items.
Enter/edit a price or markdown percentage for each price level if this items pricing is to be different from your default markdowns.
You can define or change your default price level names and markdown percentages in company preferences. Note that changing your default markdown levels do not update existing item prices. You can use Price Manager to quickly change existing item prices if desired.
(Pro) You can set different prices at each level for each unit of measure of an item.
Learn more about using price levels
Pricing Notes:
If you prefer to manually define all of your own prices, rather than have Point of Sale calculate them for you on new items, do not define a margin or markup in your department records and enter the price(s) as you are adding items to inventory.