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Update Inventory Pricing

There may be many reasons to edit your pricing,

  • Updating the gross profit percentages ensuring the business maintains or improves its profitability.
  • If the cost of the item has changed (due to supplier pricing, shipping costs, etc.).
  • If market conditions change, you may need to adjust retail pricing to stay competitive with other vendors.
  • Correcting a mistake made in the original setup or pricing logic.

 

There are several ways to update the selling prices of items in your inventory, whether through automated tools, bulk updates, or directly within the system. There are several methods to update pricing in the system.

Updating Pricing from a Receipt – Save Item & Update Pricing button

While adding line items to a receipt, click the Save Item & Update Pricing button if you notice a cost as changed (+/-) and you would like the system to update your pricing accordingly.

Updating Prices from the Inventory Lookup Screen

Access the Inventory Lookup and right-click on the desired inventory item, then choose Update Pricing from the context menu.

Both options bring you to the Update Pricing screen.

Reviewing the Update Pricing Screen

  • The top half of the screen displays current pricing details.
  • The bottom half allows you to edit pricing values.

 

It is recommended to leave the Calc (Calculate) box checked if using formulas to determine the price.  If you prefer, you can uncheck the box and enter the price manually.

There are four pricing calculation options:

1.) CO (Cost) – Rarely used for Price Code 1, but possibly useful for other codes.

2.) GP (Gross Profit Percentage) – Must be entered as a decimal (e.g., 0.40 for 40%).

3.) Markup – Entered as 1 + the markup percentage (e.g., 1.40 for 40%).

4.) Dollar Adder – Adds a flat dollar amount to the cost.

 

For example:  If we choose Gross Profit (GP), change the GP from 35% to 40%, entered as 0.40.  Select New Average Cost as the pricing base (you can also choose New Last Receipt Cost or Dealer-Based Cost).  Set the Round To amount to $0.95, so all selling prices (Price Codes 1-4) will round to this value.  The current price will be highlighted in red if the new price differs from the existing one.  

Once you’re satisfied with the pricing changes, click Save and Exit to save your changes. Once a user closes the receipt, the system will update your factor(s) and or price(s).

Target Percentage Price Change Utility (HITS)

If you are using factors to markup your inventory, you can use the Target Percentage Price Change Utility (HITS).

 

Table Price Update Utility (HITS)

If you are using table price codes to markup your inventory, you can use the Table Price Update Utility (HITS).

 

Extended Pricing Profile (EPP) Factor Updates

To update customer-specific pricing using Extended Price Profiles (EPP), navigate to the EPP setup screen, select the appropriate profile, and adjust the pricing fields as needed, per the EPP documentation. This ensures consistent contract pricing across transactions.

If you need to update EPP records that use Average Cost (PC=A) or Dealer Base Price (PC=D) with decimal GP-only factors, we now have a tool that allows us to make those adjustments quickly—whether increasing or decreasing the factor. Reach out to the HITS Technical Support team if you need assistance with this.