Pricing & Discounting Options in MYOB Advanced
Having access to flexible pricing and discounting features is critical for any business managing inventory. Margins are tight and pricing is often complex and can be the difference between winning or losing customers business.
Levering an ERP solution such as MYOB Advanced gives you access to deep pricing and discounting structures to help manage and maintain this complex area of your business.
This article will cover the various pricing and discounting features available to you in MYOB Advanced.
Starting with the basics
Of course everything starts with the basics and item pricing in MYOB Advanced is no different. If you are simply looking to record a base or default price on your item, you can do so directly on the item configuration screen.
Keeping in mind, once you start to setup the other pricing areas, this price is likely not applicable.
Building Out Your Sales Price List
Its unlikely that a single price on your items is going to satisfy your requirements, you will no doubt need to manage multiple prices for your items and for this task you will leverage the Sales Prices function within MYOB Advanced.
Sales Prices in MYOB Advanced allow you to build out a detailed pricing structure for your items, starting with the Base Price.
If the Base Price is set here, it will take precedence over the Default Price specified on the item configuration.
From there you can build out further pricing structures such as pricing by Customer Price Class (Customer Grouping).
E.g. RETAIL / WHOLESALE as an example.
You can also build out customer specific pricing.
E.g. Customer ‘Ardento’ gets Item ‘ABC’ at price $50.00
Quantity Breaks
A common requirement for businesses dealing with inventory is quantity break pricing. This concept allows customers to receive a better price based on the quantity they purchase.
You may also run promotions or sales in which item pricing is reduced for a period of time.
Good news! MYOB Advanced handles both of these scenarios.
When building out your Sales Prices you can enter the various quantity breaks as required, this can include multiple breaks for the same item. E.g. 0 to 10, 10 to 50 etc.
Promotions
You may also run promotions or sales in which item pricing is reduced for a period of time.
You can also set effective and expiration dates on specific prices to cover your promotional requirements. Effective dates can also be a great way to get your new seasons pricing in the system ahead of time. E.g. Start of a new financial year. When the effective date hits, the new pricing will be live!
Cost + Mark-up & Creating A Price Worksheet
Sales Price Worksheets are a great feature in MYOB Advanced that lets you prepare your pricing before releasing it in the system to be used.
You can import prices from Excel, Copy Prices from another price list or apply mass calculations to your pricing.
One of the more popular options is to take the cost of an item and mark it up by a percentage.
The Sales Price Worksheet is a powerful tool in your pricing toolkit and can make the management of complex pricing that little bit easier!
Can I get a discount please?
Discounting is often also part of managing and selling inventory. In the context of MYOB Advanced discounting works by reducing the sales price of an item either by amount or percentage.
To start you will need to define a Discount Code which lets you specify how you would like the discount applied. You have a long list of options to choose from here, including by Item, by Customer, by Warehouse and more!
Once you have your discount codes configured you are ready to configure the discount structure.
This area allows you to define discount break points by amount and quantity as well as the discount type of amount or percentage.
Once these discount structures are setup, marked active and updated they will be live in your system.
Combining Discounting and Sales Pricing in MYOB Advanced gives almost limitless possibilities to manage your item pricing requirements.
Reach out to our team to learn more about MYOB Advanced and our inventory management solutions.
