Every business is unique, and so are its pricing needs:
For some,
Item selling/purchase prices fluctuate frequently due to market conditions, negotiations, etc.
For others,
Item selling/purchase prices mostly remain the same, with only occasional exceptions.
Understanding that no two businesses are the same, we have introduced a new price configuration option that puts you in control.
Whether you need to reflect the recent pricing changes OR stick to a standard price, this configuration will help you do that.
To get started, go to Business Setting > Inventory Options > Configure prices for selling and purchasing items:
As you see, you can choose between the Last Used Price from the most recent transaction or the Default Inventory Price.
Once selected, the system will use your preferred method to fetch item prices while creating new invoices/expenses.
Let’s take an example to see how it works:
In my Refrens account, there is an inventory item called “Bed” with a selling price of “12000” as you can see below:
But in the last invoice I created, I sold the same item at the selling price of “11000”:
Now, Let’s see what price the system would fetch while you are creating a new invoice:
If you have selected “Last Used Price” in pricing configuration settings:
As you see, even though the default selling price was “12000”, the system has fetched the last used price - “11000”.
If you have selected “Inventory Configured Price” in pricing configuration settings:
As you see, in this case, the system has fetched the item price from the default selling price added to the inventory (i.e.”12000”); even though my last selling price was “11000”.
Similarly, this configuration will apply to your “item purchase price” as well for creating expenditures.
Do note that this configuration needs to be done only once. You will also be able to change it in the future if you want.
That’s it!
If you have any questions, feel free to reach out to us at care@refrens.com OR drop a message on chat support for quick assistance!