Product Price Reminder works by storing the last price manually entered for a certain product, and applying it to the product being confirmed within the Staging Area.
Once the items arrive in the Staging Area, the system will look for the last price that was manually applied to any product and, if a previous price for a product was not stored, the system will suggest a price based on the financial settings. In case changes to the price of a particular product within the inventory have been applied, the system will use this price next time the product enters the staging area, as long as the price was updated on or before the "Max-Age" value.
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How to enable the Price Reminder Setting
To enable the Price Reminder option, please follow the steps below:
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Go to Setup->Settings.
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Under Inventory, click on Price Reminder.
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Select the Product Price Reminder option.
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Under the Max Age for Price to be Stored, enter the maximum age value for the Price to be stored for Open Market inventory. This is a required field.
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Click on Save.
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Conditions
Please note that the system will remind the user the price of the products only if the conditions below apply:
The Price Reminder setting is enabled.
The Max Age for Price to be Stored has been set up.
The prices are manually entered by the users in the Staging Area or Inventory Summary.
The Max Age must be higher than the difference between the arrival date and the current date.
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Override Future Price with On Hand Price
This option only applies to future inventory products and it indicates the system to use the Price set up for the On Hand Inventory for a determined number of days. This means the system will use the price of the On Hand Inventory in the next windows within the Komet System when creating an order for future sales: Order Entry, Prebooks, and E-commerce.
For activate this option, follow the next steps:
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Make sure the Future Sales Setting is enabled.
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Set Set up the Truck Days After in the Future Sales setting.
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Go Go to Setup>>Settings>>Price Reminder.
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Enable the Product Price reminder and enter the Max Age for Price to be Stored (please see above).
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Enable the setting Override Future Price with On hand Price and enter the number of days you want the system to use the On Hand Inventory Price for future Sales items.
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Once the above conditions are given and a Purchase Order for future sales is confirmed by the vendor, the system will identify the number of days the On Hand Price will be valid for the future sales items. By going to Inventory>>Pricing>>Future Inventory you will be able to see the price of products set up for future inventory based on the price lists and the PO price, but in case the On Hand Price overrides those prices, the system will show a notification as the following:
How does this work in the system?
Let's say that today is 11/15 We set up the Truck Days after on 5 days. We create a PO for future sales with a truck date of 11/19 and was already confirmed by the vendor. This PO will be valid from 11/19/2016 until 11/24. We set up 5 days for On Hand Override and enter the price of a product that accomplishes with the aging entered in the Max Age for Price to be Stored.
Since the On Hand Override will be valid until the 11/20 and the PO item is valid from the 11/19 until the 11/24, the system will use the On Hand Inventory price for the products coming from this PO the days 11/19 and 11/20.
Let's see the diagram below:
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How to Enable the Price Reminder Setting in Multilocation Companies?
The Price Reminder can be set up on a per location basis. For doing that, please follow the next steps:
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Go to Setup>>Settings.
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Click on the Locations tab and choose the Location.
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Click on Price Reminder under the Inventory options.
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Check the Product Price Reminder box in Order to enable it.
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Enter the Max Age for Price to be Stored and if you want to, check the option Override Future Price with On Hand Price (read above for further information). Once you are done click on Save.
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Important
There are particular situations in which the system will not change the price of the items:
If the product is linked to a Prebook, the system will keep the price on the Prebook.
If the price has been manually entered or modified by any user, the system will keep that price.
