You have 2 kinds of selling prices for items in Fincon Accounting:
Fixed pricing
Fixed pricing allows you to enter 6 price types per inventory item, the prices will remain as they are entered and are not based on profit margin. This means that the prices do not fluctuate with cost prices, users will have to make sure to update the prices accordingly.
You can set the kind of selling price to fixed pricing by doing the following:
Watch this video to see how to set an item's selling price to fixed pricing or follow the steps below it.
This part of the guide assumes you have already created the inventory item, if you still need to create the inventory item, read this article.
Navigate to the correct window
- Navigate to Inventory / Stock Maintenance.
Call up the appropriate item
- Enter (or select) the appropriate item number in the Item Number text box.
Change the pricing type
- Enter 0 in the Price Structure text box.
Enter the relevant prices
- Enter the relevant prices in the Retail/Profit 1-6 text boxes.
Save the changes
- Click the Accept button.
Variable pricing
Variable pricing is based on the profit margin percentages you have set up. You are able to set up the profit margin for 50 variable price structures and set which one is used for an inventory item in the Stock Maintenance window.
Watch this video to see how to set an item's selling price to variable pricing or follow the steps below it.
Setting up the profit margins
- Navigate to System / Company Parameters.
- Click on the Price Structure tab.
- Enter the profit margins in percentage for the relevant price structure in the TYPE 1 - 6 columns.
- Click the Accept button.
- Check that the following message box appears: The company parameters have been updated successfully.
Setting the variable pricing preference
Navigate to the correct window
- Navigate to Inventory / Stock Maintenance.
Call up the appropriate item
- Enter (or select) the appropriate item number in the Item Number text box.
Change the pricing type
- Enter 1-50 in the Price Structure text box.
Save the changes
- Click the Accept button.