Learn how to change inventory item prices using the Price Manager in QuickBooks Point of Sale.
In QuickBooks Point of Sale, you can use the Price Manager to update regular item prices, calculate new prices, and to change prices in your price levels. For example, you can use it to make changes to employee pricing or create pricing for different vendors. Here's how.
Select the Inventory dropdown, then select Price Manager.
Select Make Price Changes.
Select the Price Level of the items you’re updating.
Enter the price change Name and Notes about the change, then select Next.
Select the items you need to change the prices for. If you have a lot of items, use the filters to help find them. Once you’ve chosen the items, select Next.
Select the options you’d like to use for the pricing formula and select if you want to see Price Rounding options, then select Next.
Select Finish, then review and edit the prices if needed before applying to your inventory.
Select Save if you want to save the changes to apply at a later time or select to Apply the changes to the inventory to apply them now.
Certainly! I have extensive knowledge of accounting software, including QuickBooks Point of Sale, and I can offer insights into how the Price Manager works based on its features and functionalities.
To begin with, when you're using QuickBooks Point of Sale, managing inventory and pricing is crucial for ensuring accurate financial reporting and maintaining profitability. The Price Manager is a tool designed to simplify the process of updating item prices, whether you're adjusting them for regular sales, employee discounts, vendor-specific pricing, or other pricing levels.
Concepts Explained:
Inventory Management: This refers to the systematic approach to sourcing, storing, and selling inventory—both raw materials (components) and finished goods (products). QuickBooks Point of Sale streamlines this by allowing you to manage item details, including prices.
Price Manager: This is a specific feature within QuickBooks Point of Sale that facilitates the adjustment of item prices. It provides a user-friendly interface to make bulk changes efficiently.
Price Levels: QuickBooks Point of Sale allows you to set different price levels for items. This can include standard retail prices, wholesale prices, employee prices, vendor-specific prices, etc. The Price Manager enables you to modify these price levels as needed.
Price Formula: This refers to the mathematical formula or rules you can apply to calculate new prices. For instance, you might decide to increase all item prices by a certain percentage or a fixed amount.
Price Rounding Options: In some cases, you may want to round prices to the nearest whole number or a specific decimal place for simplicity or compliance reasons. The Price Manager offers options to customize how prices are rounded.
Step-by-Step Guide:
Accessing Price Manager: Navigate to the Inventory dropdown menu in QuickBooks Point of Sale and select 'Price Manager.'
Making Price Changes: Choose 'Make Price Changes' to initiate the process.
Selecting Price Level: Identify the specific price level for which you want to make changes (e.g., employee pricing, vendor-specific pricing).
Entering Details: Provide a descriptive name and notes to document the reason for the price change. This helps in tracking changes and maintaining an audit trail.
Item Selection: Choose the items you wish to update. If dealing with a large inventory, utilize filters to streamline the selection process.
Pricing Formula: Decide on the pricing formula that aligns with your business objectives. This could involve percentage increases/decreases, fixed amount adjustments, or other methods.
Price Rounding: Opt for price rounding options if necessary. This ensures that the updated prices align with your desired pricing strategy.
Finalizing Changes: Review the proposed price adjustments and make any necessary edits. Once satisfied, proceed to apply the changes either immediately or save them for future implementation.
Applying Changes: Choose whether to save the modifications for later or apply them immediately to update your inventory prices accordingly.
By following this guide and leveraging the capabilities of the Price Manager in QuickBooks Point of Sale, you can efficiently manage and adjust item prices to optimize profitability and meet specific business requirements.
Go to Action and then select Change Item Prices. Note: Filter the list to show the item category like Service, Inventory Part, Non-inventory Part, or Other Charge.
From the Lists menu, select Item List (for Windows) or Items (for Mac).Double-click the item you want to change.From the Type drop-down, select the new item type.Choose OK.
Compare and Adjust: Compare the value of the inventory using the new method vs.the old method. Adjust the discrepancy in the opening balance of retained earnings. Prepare Financial Statements: With adjustments made, the financial statements must now be prepared reflecting the change.
Go to Sales and select Products & services (Take me there). Find the product or service you want to change. Select Edit in the Action column. Make your changes.
Introduction: My name is Mr. See Jast, I am a open, jolly, gorgeous, courageous, inexpensive, friendly, homely person who loves writing and wants to share my knowledge and understanding with you.
We notice you're using an ad blocker
Without advertising income, we can't keep making this site awesome for you.
