Purchase Prices
Overview
Purchase Prices in GoldFinch ERP define quantity-based pricing for an item, in combination with a specific vendor account. These prices are used to ensure accurate costing when creating purchase orders, based on factors such as vendor, item, and quantity.
Setting Up Purchase Prices
Access Purchase Prices:
Open the App Launcher and search for Purchase Prices.
Click New to create a new Purchase Price record.
Enter Purchase Price Details:
Define the combination of Item, Vendor Account, Unit of Measure, Price, and Minimum Quantity.
Set the Starting Date and Ending Date to define the validity period of the price.
Ensure the Currency is properly set based on the vendor’s requirements.
How GoldFinch ERP Selects a Purchase Price for a Purchase Order
When a Purchase Order is created, GoldFinch evaluates the available Purchase Price records based on the following criteria:
Vendor:
The Buy-from Vendor Customer Account defined on the Purchase Order must match the vendor on the Purchase Price record.Item and Unit of Measure:
The Item and Unit of Measure ordered on the Purchase Order must match those in the Purchase Price record.Quantity:
The Purchase Order quantity is compared to the Minimum Quantity in the Purchase Price record. The price will be applied only if the order quantity meets or exceeds this minimum.Date Validity:
The Purchase Order Date must fall within the Starting Date and Ending Date defined in the Purchase Price record.Currency:
The currency on the Purchase Order must match the currency in the Purchase Price record.
Price Selection Logic
During the Purchase Order entry process, GoldFinch will apply the following logic to determine the Unit Cost:
Lowest Unit Cost:
The system will search for the lowest unit cost for the combination of the item and unit of measure, specific to the vendor on the Purchase Price records.Minimum Quantity Requirement:
If a Minimum Quantity is specified, the Purchase Price record will only be used if the order quantity meets or exceeds this minimum.Fallback Costs:
If no valid Purchase Price is found, GoldFinch will use the Standard Base Cost, provided it is not zero.
If the Standard Base Cost is zero, the system will default to the Last Invoiced Base Cost as the Unit Cost.
By following these steps, GoldFinch ensures that purchase orders reflect the most accurate and favorable pricing available, based on predefined criteria. This feature helps streamline procurement processes, maintain cost accuracy, and ensure compliance with vendor agreements.