Item Price
Item Price is a record utilized to specify the selling and/or buying rate of an item in ERPNext. It accommodates various pricing scenarios such as various currencies, price lists, UoMs, customer/supplier-based pricing, and validity periods.
1. Creating an Item Price
There are two methods for creating an Item Price:
1. From the Item Price list:
Selling > Items & Pricing > Item Price > Add Item Price
2. From the Item Master:
Stock > Item > [Select Item] > "+" next to Item Price
Steps:
- Select the Item. The name, default UoM, and description will be retrieved automatically.
- Select the Price List (for example, Standard Selling, Standard Buying, or a custom price list).
- Enter the Rate.
- Set up optional fields as necessary (see below).
- Save the record.
2. Fields and Options
2.1 Price List
- Specifies the category of prices for selling, buying, or both.
- Associated with a currency and applicability.
- You can have multiple price lists based on different regions, currencies, or customers.
2.2 Unit of Measurement (UoM)
- Price is always associated with a specific UoM.
- By default, the primary UoM of the item is used.
- In case of a transaction involving a different UoM, ERPNext automatically adjusts the price using the UoM Conversion Factor.
2.3 Packing Unit
- Determines the quantity per package.
- Example: Packing Unit = 2, UoM = Nos → 1 unit in the transaction means 2 pieces.
- It must be a whole number.
2.4 Minimum Quantity (via Pricing Rule)
- Item Price itself has no minimum quantity field in v16.
- For bulk pricing, use a Pricing Rule with a Min Qty instead.
2.5 Customer/Supplier Specific
- Selling Price List > give price to a particular customer.
- Buying Price List > give price to a particular supplier.
- Guarantees negotiated rates are only used for that party.
2.6 Batch Specific Pricing
- Associate the Item Price with a batch.
- When this batch is picked in a transaction, the associated price gets automatically applied.
2.7 Validity Period
- Valid From: Automatic default to creation date.
- Valid Upto: Date after which the price is no longer used.
2.8 Lead Time in Days
- Estimated duration for which the product would reach from the supplier.
- Facilitates varying prices with varying delivery times.
2.9 Notes
- Free text field to include remarks or Special instructions regarding the price.
3. How ERPNext Uses Item Price in Transactions
When a transaction is posted (e.g., Sales Order, Purchase Order, Invoice):
- ERPNext verifies the chosen Item and Price List.
- Looks for the UoM or converts using the UoM Conversion Factor.
- Verifies against customer/supplier restrictions, batch and validity dates (quantity-based prices come from Pricing Rules).
- Fetches and applies the correct rate automatically.
