What is Custom Price Formula Profile module?

Custom Price Formula Profile module is used for creating custom price formulas more easily and precisely. This module allows you to auto calculate Custom Prices of the Items based on a defined formula in the Item module. This will omit the need to update the Custom Prices manually.

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? 

Creating the Custom Price Formula

  • Navigate to the Custom Price Formula Profile Centre.
  • Enter the name for the custom price formula and select the currency.

  • On the top-right corner of the page, you will find a “Use the same formula for all Currency Prices” toggle option. If this toggle is set to 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.
  • You can now begin to define the formula in the Custom Price Formula Profile Details section by defining the Markup%, the Pricing Level, and the Decimal Rounding and “Save” the custom price.

Adding the Custom Price Formula

After the custom price formula is saved, you can add the directly to the item. To do that, follow the steps below:

  • Go to Item > Advance Pricing > Formula.

  • In the Custom Price Formula screen,  select the formula from the “Custom Price Formula Price” dropdown and click on “Apply Changes” to add it to the Item.

  • 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

As the selected price level is “Standard Unit Price”, this is a formula for creating unit price of an item. 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

Things to note:

  • Precision Pricing with “No Rounding” Option: We’ve added the “No Rounding” option in the Decimal Rounding dropdown when defining a custom price formula. When selected, this option ensures that the resulting custom price is not rounded off and the exact value is captured with up to six decimal places, providing you with exact pricing accuracy.
    For example, let’s say the Standard Cost of an Item is $12.69. If you create a custom price formula for 10% markup in the standard cost with no rounding, the calculated standard unit price will be 13.958888.
  • “Re-calculate” option to keep the prices updated: We’ve added a “Re-calculate” option 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”.

  • Batch update the Custom Price Formula:We have also provided the ability to batch update the custom price formula. You can do this either from the Item Centre or via an upload.


Item Centre

    • Go to Item Centre and select the Items. Then, go to Options > Batch Update.

    • Select “Custom Price Formula Profile” under the Column Name.
    • From the Value dropdown, choose the custom price formula you want to add to the items.

    • Click on “Update” to apply the changes.

        Product Upload

    • We have introduced the “CustomPriceFormulaProfile” column in the Product upload file. In this column, you can include the custom price formula profile created in the system. Upload the file to batch update the custom price formula for multiple items simultaneously.

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