The Markup Price Update page enables you to generate and update sell price tier prices for your products, based on a pre-defined markup percentage calculated from an existing price or cost of the product.
The "markup percentage" and "markup from" values set per product's sell price tier can then be manually applied to recalculate the latest sell prices at any time, and further updated, either individually or in bulk, to provide efficient and accurate management of your sales margins.
Important: The Markup Price function will not dynamically update the Current Price in a product's tier if the value of the Markup From price or cost selected changes. You must manually apply the markup each time the current price needs to be recalculated.
Prerequisites for using the Markup Price Update
For the Markup Price Update function to be available in your account, the setting "Markup Price Update" must be enabled in your account's Settings > Company > Configuration page.
To then access and use the Markup Price Update page, your user role must have the permission "Markup Price Update" granted.
Tutorial video: How to add a Markup Percentage
Set up Markup Prices
To calculate each product's Sell Price Tier prices using a markup percentage, you must decide which of the product's prices or costs, known as the Markup From value, the markup percentage will apply to. And advise what percentage the marked-up price will be calculated with.
You can use a CSV import to manage your stock's sell price tier markups in bulk, or you can go to each product's record and update each sell price tier's markup individually.
The Markup From options available are:
Nominal Cost
Average Land Cost (ALC)
Last Cost
Default Purchase Price
Default Sell Price
🤓 Tip: If a product has no Stock On Hand, thus no Average Landed Cost, the Last Cost is used instead.
Import Markup Prices
To create or update Markup Prices for your products in bulk, using a CSV import:
From your main menu, go to Inventory > Products > Markup Price Update.
In the top right corner, click on Export.
The Product Price Markups template will be downloaded, pre-populated with your products with each of their sell price tiers on its own row, see Import Product Price Markup field definitions.
Use the Markup% column to advise the percentage value, between 0 - 100, that the product's sell price tier will be calculated with.
Use the Markup From column to advise which value the product's Markup percentage will apply to, to calculate the sell price tier's price. The Markup From options are:
None
NominalCost
AverageLandCost
LastCost
DefaultPurchasePrice
DefaultSellPrice
Return to the Markup Price Update page and click on Import.
In the Product Price Markup Import page, upload the updated Product Price Markups template.
📌Note: The sell prices that are displayed per product, per sell price tier, in the Markup Price Update page will not automatically update when the Product Price Markups template is imported successfully. They will only change when the markup is applied.
Set individual Markup Prices
To manage each product's sell price tier's Markup Price individually:
Go to the product's record, and go to the Sale tab.
In the Sell Price Tiers tab, click on View Markup Prices.
Use the Markup From drop-down menu to select which value the sell price tier will be calculated from. The Markup From options are:
None
Nominal Cost
Average Land Cost
Last Cost
Default Purchase Price
Default Sell Price
Use the Markup% field to enter a percentage value that the sell price tier will be calculated with.
Click Save in the product's record.
Apply Markup Price Updates
The prices generated by the markups set for each product's sell price tier will only be recalculated and updated when they're manually applied. You can apply markup updates either in bulk, per sell price tier, via the Markup Price Updates page, or individually, per sell price tier, in each product's record.
Apply Markup Price Updates in bulk
To apply the markup price across multiple products on the sell price tiers you select:
From your main menu, go to Inventory > Products > Markup Price Update.
In the Batch tab, use the Product Code, Supplier Code, and Product Group filter fields to display only the products that require a markup price update.
Use the multi-select Price Tiers filter to select the Sell Price Tiers that need to be recalculated.
Click on Update in the top right corner.
The respective sell prices that are displayed per product, per sell price tier, in the Markup Price Update page will then update accordingly. And from then on, when new Sales Orders or Quotes are created and the appropriate Sell Price Tier applies, the updated sell prices will populate.
Apply Markup Prices to individual products
To apply a markup price to a specific product's sell price tier:
Go to the product's record, and go to the Sale tab.
In the Sell Price Tiers tab, click on View Markup Prices.
Along the appropriate sell price tier's row, click on Apply Markup Price in the action cog icon column.
Click on Save.
🤓 Tip: To apply the markup price update for all sell price tiers on the product, hover over the action cog icon in the header of the product's Sell Price Tier tab, and select Apply All Markup Prices.
Review your products' Markup Price Updates
The Markup Price Updates page is split into two tabs, which you can navigate between at the top of the Markup Price Updates page:
Batch: Displays your products and their current sell price tier prices, and allows you to apply the set markup updates.
Log: Provides an overview of the markup updates that have been applied to date.
Batch tab
At the top of the Batch tab, in the Markup Price Updates page, you can use the following filters to refine which products are displayed and included when applying an update:
Product Code: Filter for a specific product.
Product Description: Filter for a specific product.
Supplier Code: Filter for products where the selected supplier is identified as the default supplier in the product's Purchase > Suppliers tab.
Supplier Name: Filter for products where the selected supplier is identified as the default supplier in the product's Purchase > Suppliers tab.
Product Group: Use the drop-down menu to filter by Product Group.
Price Tiers: Use the drop-down menu to select which price tiers are due to have their markup applied and price updated.
Batch tab's grid column descriptions
The following columns will be displayed in the Markup Price Update's Batch tab grid, per product:
Code: Displays the product's unique code.
Description: Displays the product's unique description.
Purchase Price: Displays the product's current default purchase price.
Sell Price: Displays the product's current default sell price tiers.
Tier (1-10): Displays the current price for each sell price tier. If custom names are used for the sell price tiers, the custom name will be displayed in each tier column's header.
Log tab
The Log tab, in the Markup Price Updates page, provides a log of all the price updates that have been applied via the Markup Price Updates function.
Log tab's grid column descriptions
The following columns will be displayed in the Markup Price Update's Log grid, per product sell price tier's update
Date: Displays the date the markup update was applied.
Product Code: Displays the product's code.
Sell Price Tier: Displays the name of the Sell Price Tier.
Old Price: Displays the previous price of the product's sell price tier.
New Price: Displays the price calculated when the markup was applied.
Created By: Displays the email address of the user who applied the markup update.