I’m looking for some guidance or someone using Manager in some POS way. When you input purchase invoices with multiple line items and price may change every time how do you make sure your selling price is correct?
If our price changes on every invoice to a customer because we buy stock on order from a customer we have to follow the following process to make sure our selling price on the inventory is correct:
· Get an invoice of 10 items(eg)
· Go to inventory and check each price
· If they have changed – update the sell price
· Copy the PO to a purchase invoice
· Copy to goods received
Surely there’s a way to streamline this? For something that should be 1 step (receive an invoice – capture it). Just showing the current cost on the purchase invoice would cut out having to check each item in the inventory first. Please take time to consider the scenario of getting a bunch of invoices in and having to go through this laborious routing. This is a bot time consuming at times. Is there a custom column I can put in or something?
I assume you are referring to checking your current purchase price for a specific inventory item. But why do this? The purchase invoice must reflect the supplier’s selling price as given on their sales invoice. In fact, the purchase price is optional for an inventory item, and if purchase prices change frequently, probably necessary, even useless.
You have not explained your purchase order’s place in this process at all. But if you are using it to generate the purchase invoice, of course you need to verify that the prices the supplier actually charged match the purchase invoice. If not, you have to edit the purchase invoice. It is then up to you to decide whether you want to change the purchase price in the inventory item definition so the next purchase order/invoice will correspond to the new price. If this is your only supplier of that item, you might. But you might also decide to leave the price as is.
As for changing selling prices, that seems like a separate process. There are many reasons you might not want to change a selling price, no matter what the most recent purchase price was. You certainly would not want your accounting software to do it automatically. It seems that management must implement a procedure for reviewing and updating selling prices that is consistent with the nature of your business. For some, that could mean prices are reviewed prior to issuing every sales invoice. For others, it might be annually or quarterly. For still others, pricing might be entirely a matter of contractual negotiation, with no sales price entered in inventory item definitions at all.