Enable QuickBooks Enterprise Advanced Pricing & Setup Price

Small business executives and owners understand how important correct pricing is for their business. Effective pricing states the value of the products along with service and gives a boost to the total productivity of a company.

It is one of the reasons businesses reap the benefits of customized pricing for their clients. With the help of customized pricing, the requirements and behaviors of your client can be determined, in a bid to offer a price that will boost the sale and benefit your company and client mutually.

The issue is that customizing the rates for every client, service, product, or transaction costs a lot of time and effort. Your sales team is required to monitor complicated pricing rules and exceptions and then add discounts manually in every available sales form.

But, not to worry. QuickBooks Enterprise Solution offers users an Advanced Pricing feature to personalize pricing quicker and smoother than last time.

Let us learn first about Advanced Pricing in detail.

What is the meaning of the term Advanced Pricing?

Advanced Pricing is a subscription-based component present in QuickBooks Enterprise and available to Diamond and Platinum subscribers. Advanced Pricing enables companies to make pricing rules. When such rules are met, QuickBooks Enterprise adjusts the cost of items on sales forms automatically.

If you have a clear idea about QuickBooks Enterprise, you may wonder why QuickBooks Enterprise already enables custom price levels and, hence, how it is different. In reality, Advanced Pricing moves beyond simply offering discounts for the selected customers.

What are the benefits of Advanced Pricing Features in QuickBooks Enterprise?

Here is the list of the benefits of Advanced Pricing in QuickBooks Enterprise:

• Override the price level during the time of sale
• Check the last selling price of an item
• Make price rules
• Make special rules
• Prepare price level by item and customer
• Make quantity Discounts
• Change or edit prices on a multiple-user mode
• Implement several roles at the same time
• Comprise actual price column

What is the difference between Price Rules and Price Levels?

For a considerable amount of time, QuickBooks Enterprise has had price levels. They enable users to automatically alter prices for certain clients or customer groups. When you invoice in QuickBooks a particular customer, for instance, you can utilize price levels to deduct 10% off the normal item price since you have agreed to provide them with a 10% discount on all orders.

Price rules let you specify the parameters for when QuickBooks modifies an item’s price, enabling you to get quite specific with your custom pricing. You can put up a pricing rule with these three conditions, for instance, if you want your top ten customers (first condition) to get a 10% discount, but only if they purchase 30 or more (second condition) of a particular product (third condition).

It is possible to prepare several rules with conditions depending on class, customer, item, sales rep, date range, and quantity.

What are the important points to note before enabling Advanced Pricing in QuickBooks Enterprise?

Here are the important points to consider before enabling Advanced Pricing in QuickBooks Enterprise:

• In case both a price rate and billing rate apply to an item, QuickBooks will implement the billing rate, instead of the price rule
• In case Advanced Pricing is activated, QuickBooks edits the price levels in your company file into the price rules
• Price rules do not apply to invoices or estimates prepared from estimates with the particular markup column

How to Enable QuickBooks Enterprise Advanced Pricing?

Here are the steps to enable Advanced Pricing in QuickBooks Enterprise:

1st step: Switch on Advanced Pricing

• Step 1: Choose Edit. Now choose Preferences
• Step 2: Choose Sales and Customers. Now choose Company Preferences
• Step 3: In the option for Custom Pricing, choose Enable Advanced Pricing
• Step 4: Inform QuickBooks how to manage price rounding:
  • In order not to use rounding, choose Do not round prices
  • To access the same rounding for all the price norms, choose Use the same rounding across all price rules. Now choose a rounding option
  • To fix the rounding for every price rule individually, choose Set rounding on every price rule
• Step 5: Press OK

2nd step: Prepare Price Rules

It is possible to prepare price rules with conditions depending on item, class, and sales rep. it is also possible to prepare override rules to dismiss items from a specific price rule.

• Step 1: Choose Lists. Now choose the Price Rule List
• Step 2: Now choose the Price Rule option. Next, choose New
• Step 3: Add a name for the particular rule in the box for Price Rule Name
• Step 4: Add a brief description of the specific rule in the Description option
• Step 5: Choose Add to include a condition
• Step 6: Choose whether the particular condition applies to Customers, Sales Reps, or Class
• Step 7: Now include the date when the particular price rule is applicable in Form
• Step 8: Now add the date when the price rule ends in TO
• Step 9: Include an amount or percent to boost the price depending on the base price or cost of an item
• Step 10: To make the price rule limited, choose the Exclusive Rule. QuickBooks will not be able to mix other rules with exclusive rules
• Step 11: To set personalized prices for a particular item, choose Price Overrides
• Step 12: Choose OK

3rd step: Change, Disable or Delete a Price Rule

• Step 1: Choose Lists. Now choose the Price Rule List
• Step 2: Click on the price rule
• Step 3: Choose the following:
  • Delete a Price Rule to delete a rule
  • To edit a rule, Edit the Price Rule
  • To disable a rule, Make the Price Rule Inactive

4th step: Prepare a Quantity Discount

With the help of Advanced Pricing, it is possible to prepare quantity discounts for particular items. For instance, QuickBooks can levy different rates when any client purchases 10 to 19 items, 20 to 29 items, or 30 or more items.

• Step 1: Choose Lists. Now choose Item List
• Step 2: Now press twice on the item you wish to prepare for a quantity discount for
• Step 3: Choose Quantity Discount
• Step 4: Add the minimum number a customer wants to buy to achieve the discount in Qty form
• Step 5: Add the discount amount in the tab, Discount %
• Step 6: If you wish to prepare extra quantity discounts, repeat the steps 4 and 5 for this item
• Step 7: Choose OK

When applying quantity discounts, QuickBooks takes into account the total quantity for each line item. QuickBooks does not include the quantities of each line item when you add an item to more than one line on a sales form.

Final Words!

We hope that after reading this article, you have learned everything related to the topic of QuickBooks Enterprise Advanced Pricing. We have shared every crucial detail about this topic.

Still, it is quite likely that some of you may get stuck while implementing the steps given above. In such a case, you can get in touch with our team of experts. Our team of QuickBooks Enterprise professionals is highly adept in dealing with such problems. They will help you solve this issue quickly and with ease.