How cost and price update automatically when a PO is received

Supplier prices change. Instead of updating each product by hand, ChecKmate can do it for you when you receive a purchase order. There are two options on each product - you use one or the other.

Step 1: Choose the option on the product

Open Products, edit the product and scroll down below Categories:

• Update Cost Only - the product's cost becomes the unit cost on the PO. The selling price stays the same.
• Automatic Price Markup - the cost updates and the selling price is worked out from it. Choose the Markup Type - Percentage (%) or Fixed Amount - and the Markup Value. The Preview shows the result.

Press Update Product to save.

Example

Corn Curls had a cost of J$55 and sold for J$155, with a fixed markup of J$100.

A purchase order came in at J$70 a bag. When it was received, the cost became J$70 and the selling price became J$70 + J$100 = J$170 - on its own.

Good to know

• With Percentage, a 50% markup on a J$70 cost gives J$105.
• Tick Apply calculated price as selling price now to use the preview price straight away, without waiting for a PO.
• Leave both options off if you set your prices by hand - receiving then only adds the stock.
• A product has one cost, shared by all branches.