Creating Custom Price Formulas

Creating a custom price formula includes entering the name and currency of the formula, then defining the formula price details, such as price level, markup or markdown percentage, price level, and decimal rounding. By doing so, you can meticulously define the formula for each custom price.

Entering Custom Price Formulas

To create the custom price formula, you will begin by entering basic details of the formula, such as the name and currency for the formula that will act as an identifier.

You can enable the “Use the same formula for all Currency Prices” toggle option located at the top-right corner of the page to enable the use of same formula for all currencies. If it is set to false, then multiple formulas can be defined for different currencies.

Defining Custom Price Formula Details

Once the basic information is set, the next step is to define the formula. This includes defining the pricing level, base price level, markup or markdown percentage, and decimal rounding.

Custom Price Formula Details Fields

After defining the formula, click "Save" to create the custom price formula.

Custom Price Calculation

The custom price is calculated based on the following formula:

Price Level = Of Price Level/100 * (100+markup%) + Decimal Rounding

Let’s see an example of how the calculation will work. Let's suppose we have the following parameters:

• Price level=Standard Unit Price

• Markup %= 10, (Use minus(-) sign for markdown percentages)

• Of Price level=Standard Cost ( $50)

• Decimal Rounding= 0.50

As the selected price level is “Standard Unit Price”, this is a formula for creating the unit price of an item. Based on the formula Standard Unit price will be calculated from Standard Unit Cost with 10% Markup and after calculations, 0.50 Decimal Rounding will be added to the Calculated Standard Unit Price.

Standard Unit Price= {50/100+(100+10)}+0.5 = 55.5

Adding the Custom Price Formula

After the custom price formula is saved, you can add the directly to the item. To do that, follow the steps below:

• Navigate to the Item Centre and open the item in which you want to assign the custom price formula.

• Go to Item > Advance Pricing > Formula.

• In the Custom Price Formula screen, select the formula from the “Custom Price Formula Price” dropdown and click on “Apply Changes” to add it to the Item.

Custom Price Formulas

Precision Pricing with “No Rounding” Option

When you select the “No Rounding” option in the Decimal Rounding dropdown, the resulting custom price is not rounded off and can capture up to six decimal places.

For example, let’s say the Standard Cost of an Item is $12.69. If you create a custom price formula for 10% markup in the standard cost with no rounding, the calculated standard unit price will be 13.958888.

“Re-calculate” option to keep the prices updated

If there is a change in the base price level, you can use the “Re-calculate” option to update the Custom Prices based on the formula. This ensures that your prices are always current and accurate.

Batch update the Custom Price Formula

We have also provided the ability to batch update the custom price formula. You can do this either from the Item Centre or via an upload.

Item Centre

• Go to Item Centre and select the Items. Then, go to Options > Batch Update.

  
• Select “Custom Price Formula Profile” under the Column Name.

• From the Value dropdown, choose the custom price formula you want to add to the items.

  
• Click on “Update” to apply the changes.

  

Product Upload

You can utilize the “CustomPriceFormulaProfile” column in the Product upload file. In this column, you can include the custom price formula profile created in the system. Upload the file to batch update the custom price formula for multiple items simultaneously.