Setting Default Price Formulas
- Default price formulas allow you to set your preferred discount and mark up levels for any new inventory item and helps you establish your Retail price (as well as other available pricing levels).
- These defaults will be used if creating a single new inventory item and while importing new items from the Catalog System.
- Make sure to establish your substitute formula for MSRP related pricing, when MSRP is $0.
- If you set your Retail price to match MSRP, and MSRP is $0, you need a backup plan based on cost. Most vendors do provide MSRP but not all, and oftentimes not for all parts (repair parts, for instance, often have $0 MSRP).
Go to Accounting > Pricing & Discounts > Global Price Settings
- Retail and MSRP columns are discount percentages.
- Cost(MarkUp) and Gross Margin columns are increase percentages.
For example, if you want your Retail price to be 5% MSRP, you would enter 5 in the Retail row/MSRP column.
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