Re-price Functionality in Inventory Management

Re-price Functionality in Inventory Management

Overview

In inventory management systems, the "Re-price" functionality allows users to update the cost and list prices of parts based on the information provided in OEM price lists from vendors. It streamlines the process of adjusting prices in accordance with changes from suppliers, ensuring accuracy and consistency in pricing across the inventory.


How Re-price Works

When a vendor provides an OEM price list containing information about the cost and sale prices of various parts, users can load this data into the system. The "Re-price" function then facilitates the adjustment of prices based on this imported information.


Re-pricing Options

The "Re-price" tab inside Parts Items Setup option offers several options to customize the re-pricing process:

  1. Re-price Cost and List: This option enables the system to update both the cost and list prices of parts based on the information provided in the price list.
  2. Don't Re-price Cost: Selecting this option prevents the system from updating the cost of parts, while still allowing the list prices to be adjusted. This option is useful when parts are sourced from multiple vendors at different costs.


      3. Don't Re-price List: Conversely, this option prevents the system from updating the list prices of parts, while allowing the cost prices to be adjusted. This scenario may occur when users want to maintain higher sale prices for parts obtained at lower costs from specific vendors.



Implementation Steps

  1. Load Price File: Before initiating the re-pricing process, users need to ensure that the latest vendor price file is loaded into the system. This file contains information about the cost and sale prices of parts provided by the OEM or vendor.


      2. Verify Data: After loading the price file, users verify that the data imported matches the expected information from the vendor.
     
      3. Access Re-price Functionality: Users navigate to the Parts Items Setup option and go to the "Re-price" tab to initiate the price adjustment process.


      4. Select Re-pricing Options: Users select the appropriate re-pricing options based on their pricing strategy and vendor agreements.


      5. Execute Re-price: Finally, users execute the "Re-price" function to update the prices of parts according to the selected options by clicking on the top left green plus sign icon.


Conclusion

The "Re-price" functionality streamlines the process of updating part prices based on OEM price lists from vendors. By automating price adjustments, it ensures that inventory pricing remains accurate and reflective of changes in supplier costs and market conditions.



    • Related Articles

    • Physical Inventory

      Before starting the Physical Inventory Count process in Softbase, you will first want to run a report to capture the inventory counts and values. To do that in Softbase, on the Reports tab, run the following Report: Parts Inventory Valuation ...

    • Phase In/Out in Inventory Management

      Overview In inventory management, the phase in/out process refers to the transition of a new part from initial setup to becoming readily available for stock orders. Understanding the phase in/out status of inventory parts is crucial for maintaining ...

    • Parts Inventory Reconciliation (not using WIP)

      To reconcile inventory, there are a few variables that need to be considered when looking at your physical valuation when comparing it to the GL account balance. First, the costing method being used to value inventory will be either replacement cost ...

    • Warehouse Setup

      Location The Warehouse Setup is located In the Parts Setup window via the "Setup" option at the top. Once you are in the Parts Items Setup window, click the "Warehouses" tab. Mandatory Fields 1. Warehouse Name (The dropdown box to the right of this ...

    • Lost Sales Report

      Overview The Lost Sales Report is a tool used to track instances where a potential sale was not completed for various reasons. This report helps businesses understand why sales opportunities were missed and identify areas for improvement in their ...