Item Enhancement: Formula based Custom Prices calculation

In Xoro there is a feature to auto calculate Custom Prices of the Items based on a defined formula in the Item module. This will omit the need to manually update the Custom Prices. An App Config setting has been added for this purpose. Turn On the setting “Enable item price formula calculations“, under the General Tab.

If this setting is turned on, the system will allow the users to enter interdependent formulas to calculate prices. For example, the Standard Unit Price formula can be defined as a 30% markup to Standard Unit Cost. These options will be available in the Item module, Item Centre, and the data uploads: Upload Products and Upload Item Prices.

How does it work? 

  • Navigate to the Item module.
  • There is an option to define the formula under the Advanced Pricing Tab.

  • Click on the “Formula” button.
  • This will show a pop-up where the Formula can be defined.
  • Select the Currency for which the formula will be applicable.
  • If the toggle “Use the same formula for all Currency Prices” is set true, then the same formula will be used for all the Currencies. If it is set to false, then multiple formulas can be defined for different currencies.

  • Set the Markup%, the Pricing Level, and the Decimal Rounding.
  • The calculation will be done based on the following formula:
    • Standard Cost + ((markup*Standard Cost)/100) + Decimal Rounding

Let’s see an example of how the calculation will work:

  • Price level=Standard Unit Price
  • Markup %= 10, (Use minus(-) sign for markdown percentages)
  • Of Price level=Standard Cost ( $50)
  • Decimal Rounding= 0.50

Based on the formula Standard Unit price will be calculated from Standard Unit Cost with10% Markup and after calculations, 0.50 Decimal Rounding will be added to the Calculated Standard Unit Price.

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

  •  Added a Re-calculate button to calculate the Custom Prices based on the formula. If there is a change in the Standard Unit Cost, then using this option the Standard Unit Price can be re-calculated.

  • In the Item Centre, under the options drop-down, the Custom Prices can be Re-calculated.
  • Here are the options to “Recalculate for USD Prices” or “Recalculate All Currency Prices”.

 

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