**This article does not apply if you use FIFO or LAST cost pricing for issuing requisitions. If you unsure which method you use please contact Datatecnix support**
Standard Pricing is a stock valuation method that applies the same price to all stock issues throughout a given period. If you use Standard Pricing for your requisition costings you can use an alternative method to value the stock ie Latest cost or FIFO.
The standard price can be calculated various ways. In the instructions below we are going to assume that the the new standard price for each item is the latest cost price (taken from the last purchase invoice that was entered on to Opex) plus 5%.
To update the standard price for all stock items go to Administration > Stock > Standard Pricing.
Click Calculate Pricing and enter the following information:
- Starting From Date and To Date
This is the date range that will be used to find the purchase invoices in order to apply the new price. For example if we enter 01/01/16 to 31/12/16 the system will look for the last invoice for each item. If the stock item has not been invoiced during that period the standard price will not be updated and it will remain at the same price as it was before the price update.
- All Sizes
Yes means that the same price will be applied to all sizes. Please note that if the last invoice that was entered during the period was for a size that had an usually high or low price ie XXSMALL or XXXXXL then this price will be applied to all of the sizes.
No will apply the individual prices by size.
- All warehouses
Yes will look for invoices in any warehouse and apply the new standard price to all warehouses.
No will only apply the new cost to the warehouse that was used for the invioce.
- Price Increase
This will apply an % increase to the latest invoice price resulting in a the new standard price ie 5%
Click OK.
The screen will show a list of the new standard prices. In the example above I applied a 5% price increase to all items, not sizes hence why there are no sizes displayed.
There is a second tab on the screen called Duplicates. This will list any stock items that have been invoiced more than once at the same time. For example, you add an invoice for shirts sizes S, M & L. As we want to apply the same price to all sizes the system does not know which price to apply. It may be that all sizes have the same price or they may be different.
You must go through the Duplicates and delete the lines that you do not want to apply. When there is only one record left for an item the item will automatically move to the Standard Pricing tab.
Once you have cleared all of the duplicates go back to the Standard Pricing tab and review the New Cost column for any items that may have an incorrect cost. To amend an incorrect cost click on the line then click the Edit button. Go to the General tab and enter the amended price in the New Cost field then click OK. Please note the new cost is inclusive of the price increase.
Once you have reveiewed all of the new costs click Apply Pricing.