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Quantum VS Help: File Maintenance |
Over time you will need to update your product records with new selling prices and/or costs. This will be necessary when you wish to increase the Gross Price and/or Regulator discount held in a product's Price Bands, or if a Supplier changes the Buying Costs or Buying Terms of a product. There are various ways of updating product prices or costs:
Add new prices/costs manually to individual products using Manual Pricing. See Manual Pricing.
Updating a product's Standard Cost Price directly within the Product record. See Main Tab: Prices.
Updating Supplier prices/costs within the Buying Details tab of the Product record - see Buying Details Tab: Viewing Product Buying Details. Alternatively, if Optional Enhancement Price Book 717 (Supplier Pricing) is switched on, you will need to update Supplier prices/costs within the Supplier Pricing record - see Editing A Supplier Pricing Record.
Add new prices/costs for a range of products using the Quantum VS Price Importer tool. See Using Quantum VS Price Importer.
Use one of the following Processes - Add Automatic Forward Prices, Add Promotional Forward Prices, Add Quantity Break Forward Prices, Add Supplier Movement Forward Prices, Margin Adjustment or Semi Automatic Forward Pricing - to add price/cost changes for range of products. See Using Forward Pricing Processes.
Once the new 'forward' prices/costs have been added to the system, the Apply Forward Prices process must be run to apply the new prices/costs to the Product record.
Read Understanding Price Changes And Unapplied Prices below, plus the following example, to understand the role of Forward Prices, how new 'forward' prices/costs may be entered for a product, and the various processes which it may be necessary to use.
To view current prices and/or Supplier Costs for a product, open the Product record - see Viewing A Product Record - then:
Select the Buying Details tab of the Product record to view Supplier Base Costs and discounts for the product. See Buying Details Tab: Viewing Product Buying Details.
Select the Main tab and look at the Prices section to view the applicable Gross Price and/or Regulator Discount on any of the product's 12 available Price Bands. See Main Tab: Prices.
Note: The actual selling price of the product depends on which of the product's Price Bands are being used at the time, which depends on your system settings. See How Quantum VS Determines Prices.
In Quantum VS, product price/cost updates are not added by updating the price/cost fields on an individual Product record.
Rather, new product prices/costs are added to the system as Forward Prices, using either Manual Pricing, Quantum VS Price Importer or one of the following processes for 'bulk updating' product prices/costs: Add Automatic Forward Prices, Add Promotional Forward Prices, Add Quantity Break Forward Prices, Add Supplier Movement Forward Prices, Margin Adjustment or Semi Automatic Forward Pricing.
Each Forward Price is a record of a new price or cost for a particular product, which is given a particular Effective Date - the date on which the new price/cost is to become effective. When a new price or cost for a product is entered it initially 'waits' on the Forward Price file, but is not immediately applied to the appropriate Product record.
Note: Forward Prices are also known as Unapplied Prices, since they have been added to the system but not yet applied to the relevant Product records. See the example below.
To physically apply the price/cost updates sitting on the Forward Price file, the Apply Forward Prices process must be run. This clears the product price/cost updates from the Forward Price file and applies them to the appropriate Product record on the appropriate date.
You may view Forward Prices (i.e. Unapplied Prices) in the Finder, which shows all products against which Forward prices/costs have been set, the Price Change Type and the Effective Date. See Finding Forward Prices.
You may also view Unapplied Forward Prices (and costs) for a particular product from within the Product record. See Viewing Unapplied Prices For A Product.
You may view 'historical' Forward Prices (i.e. 'forward' price/cost changes which have been applied to a product) in the Finder. See Finding Forward Price History.
If necessary you may:
edit the Effective Date of a Forward Price record (i.e. change the date on which the Forward Price will be applied), and/or
delete a Forward Price record (i.e. remove the Forward Price so that it never gets applied).
See Editing And Deleting Forward Price Records.
In addition, you may view the Price Change History of a particular product from within the Product record. See Viewing A Product's Price Change History.
Note: To view a product's Price Change History, the Optional Enhancement - Price Book 350 ('History Of Unapplied Price Changes') must be active. Unlike the Forward Prices Finder, which interrogates the Forward Price file (F8PB09) and is cleared down periodically as the Forward Prices are applied, the Price Change History Finder (which interrogates the History Of Forward Prices file - F8PBE2) is a permanent record of a product's price/cost change history.
Imagine that Product X has a selling price of 10.00. On November 15th we use Manual Pricing to enter a price change, because we want Product X to be priced at 12.00 from December 1st.
Therefore, on November 15th a record will be created on the Forward Price (F8PB09) file as a result of this change. At this point we will be able to:
view Unapplied Prices for Product X from within the Product record - see Viewing Unapplied Prices For A Product; and also
view Unapplied Prices for all products using the Finder - see Finding Forward Prices.
A record is created on the History of Forward Price Records file (F8PBE2) at this point (assuming the Optional Enhancement - Price Book 350 ('History Of Unapplied Price Changes') is active), meaning we can view the product's Price Change History. See Viewing A Product's Price Change History.
However, until the Apply Forward Prices process is run, Product X will continue to have a sell price of 10.00.
On December 1st we choose to apply Forward Prices by running the Apply Forward Prices process. The selling price of Product X on the physical product file is now 12.00.
At this point the record is cleared from the Forward Price (F8PB09) file, since the 'unapplied price' has now been applied. You may still view the Price Change History of Product X (assuming the Optional Enhancement - Price Book 350 ('History Of Unapplied Price Changes') is active), since this is a permanent history of a product's price/cost changes.
NEXT: Manual Pricing