Advanced Pricing In QuickBooks Desktop

Advanced Pricing In QuickBooks Desktop

Advanced Pricing In QuickBooks Desktop

QuickBooks Enterprise Advanced Pricing Feature: All You Need to Know

Smart business owners and executives know how crucial the right pricing is actually for their organization. Effective pricing defines the value of your products and services and shapes the company’s overall profitability.

In reality, relating to a study by McKinsey published in the Harvard Business Review, just a 1% improvement in cost increases operating profits by 11.1%.

That’s one of the reasons companies take advantage of personalized pricing because of their customers. With personalized pricing, you consider your client’s needs and behaviors and gives an amount you imagine will likely make the sale and mutually benefit your client and your company.

The problem is that customizing costs for every client, product, service, or transaction is time-consuming. Your sales team has to keep track of complex pricing rules and exceptions and manually enter discounts into every single sales form.

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Fortunately, users of QuickBooks Enterprise Solution can rely on Advanced Pricing feature to customize pricing faster and easier than in the past.

What exactly is Advanced Pricing?

Advanced Pricing is a subscription-based feature available to QuickBooks Enterprise Platinum and Diamond subscribers. Advanced Pricing allows organizations to generate pricing rules. When those rules are met, QuickBooks Enterprise automatically adjusts the costs of items on sales forms.

If you’re familiar with QuickBooks Enterprise, you may ask, “Doesn’t QuickBooks Enterprise already allow custom price levels?” Yes. But Advanced Pricing goes beyond simply offering discounts for preferred customers.

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Price Levels vs. Price Rules

Price levels have now been available in QuickBooks Enterprise for quite some time. They allow users to alter charges for certain customers, or categories of customers, automatically. For example, if you’ve consented to offer a particular customer a 10% discount on all orders, you can make use of price levels to take 10% from the standard item price when you invoice that customer.

Price rules allow you to get really detailed together with your custom pricing by allowing one to set precise conditions for when QuickBooks changes an item price. For instance, if you would like your top ten customers (first condition) to get a 10% discount, but only once they buy 30 or maybe more (second condition) of a particular product (third condition), you can set up a pricing rule containing these three conditions.

You can create multiple rules with conditions centered on customer, class, date range, item, quantity, and sales person.

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Just how to Enable Advanced Pricing

To benefit from price rules, you will need to ensure you’ve enabled Advanced Pricing in your QuickBooks Enterprise Platinum or Diamond subscription. First, make sure you’re using QuickBooks Desktop Enterprise version 18.0 or later – Advanced Pricing isn’t readily available for earlier incarnations.


From the Edit menu, select Preferences.

Click on Sales & Customers within the list in the left, then click on the Company Preferences

In the Custom Pricing section, click on Enable Advanced Pricing.

In the event that you choose, you can tell QuickBooks how to deal with price rounding at this point. For example, you could have QuickBooks round pricing towards the nearest 10 cents to truly have the system change an order of $525.07 to $525.10.

You can use the same rounding for several price rules by selecting Use the same rounding across all price rules, then choosing a rounding option from the drop-down menu.

In the event that you prefer to set the rounding for every single price rule separately, click Set rounding on each price rule. You’ll then have to select the rounding each time you create a brand new price rule.

Click OK to save your selections. QuickBooks will alert you that it has to close all open windows to improve this preference.

How to Create a Price Rule

Now that you’ve enabled Advanced Pricing, it’s time to make your first price rule.

Go through the Lists menu at the top of your window and choose Price Rule List.

Click on the Price Rule button and select

Just how to Create a Price Rule

In the field when it comes to Price Rule Name, enter a name for your price rule. You are able to enter a description of the rule if you prefer.

Once you’ve created the rule, it’s time to create conditions for the rule.

Click the + button within the conditions field to include a disorder.

In the 1st drop-down arrow, select whether your first condition applies to an Item, Customer, Class, or sales person.

In the second drop-down arrow, select your next condition. Your available choices be determined by the type of condition you’re creating. Complete the other drop-down fields to perform your trouble and add additional requirements as needed.

It is possible to set a night out together range to have the rule apply for a certain period, such as a seasonal promotion. In the From field, enter the date that the purchase price rule goes into effect. You can even go into the date for the purchase price rule to expire when you look at the To field in the event that promotion is seasonal, or leave this field blank if the promotion lasts indefinitely.

Into the Price field, enter a share or amount to adjust the conventional price of the product or service. Finish setting the price by selecting the correct options within the drop-down menus. You might also set any appropriate special options here.

You are able to a cost rule exclusive by checking the Exclusive Rule Checking this box ensures that QuickBooks won’t combine this rule with any other rules, this provides customers a larger discount than intended.

You can also set custom charges for certain items by selecting the purchase price Overrides

Click OK to finalize your selections.

Edit Price Rule

Once you’ve created your rules, you will see all the rules you’ve made in the Price Rule List. You can access this list from the Lists menu. Through the a number of price rules, you may also delete a rule or make certain rules inactive in the event that you don’t want your sales team to be able to make use of them for some time but may decide to reactivate the rule later on.

How exactly to Create a Quantity Discount in Advanced Pricing

Another useful feature of Advanced Pricing is the fact that it allows one to offer quantity discounts to any or all customers or select customers. For example, you are able to give customers a lowered price when buying more than ten or even more than 30 items. Establishing quantity discounts might help entice customers to order in bulk.

To produce a quantity discount:

Through the Lists menu, select Item List.

Create a brand new item or double-click on an existing item for that you simply wish to offer a quantity discount.

Click on the Qty Discount

Quantity Discount

Into the Quantity Discount window, go into the minimum amount of items an individual must purchase so that you can get the discount into the Qty From For example, if you want to offer a price reduction for customers that order ten or more of a specific item, enter 10 in that field.

In the Discount % column, go into the discount you intend to offer. It is possible to enter this as either a portion or a hard and fast dollar amount. For instance, if you’re going to provide a 5% discount, enter 5 in this field.

Percent Discount

It is possible to continue this process as much times as required to supply additional quantity discounts because of this item. For example, you are able to offer a 5% discount for ten or higher items, a 10% discount for 20 or higher items, and a 15% discount for 30 or even more items.

Select OK to finalize your selections.

Two things to keep in mind about using price rules within QuickBooks Enterprise:

First, in the event that you’ve used price levels in past times, enabling price rules will convert your entire price levels into price rules. Also, when you have billing rates and price rules that connect with exactly the same item, QuickBooks Enterprise applies the billing rate rather than the price rule.

Finally, QuickBooks Enterprise uses the sum total quantity on the line item to utilize quantity discount rules. Therefore if a product appears on one or more line of a sales form, the software will likely not combine the 2 lines thereby applying the purchase price rule.

Final Word

With QuickBooks Enterprise and Advanced Pricing, your company may have much more flexibility in your pricing without a lot of extra work. It might take a while to set up your pricing rules, but when you do, the sales team should be able to make discounts available and promotions that entice customers to buy, without negatively impacting the conclusion. You merely set the price rules, and Advanced Pricing handles the calculations.

If QuickBooks Enterprise with Advanced Pricing would benefit your organization, reach out to one of our Solutions Consultants for genuine QuickBooks Enterprise licenses and hosting.