Updating Product Cost Prices
The system is designed to help those in the hospitality industry manage their purchasing, stock control and time.
The following document will outline the best practise method for updating product cost prices.
Fig 1 - Update Products Link
- To update product cost prices go to Master Product List > Update Product.
Fig 2 - Searching for Products to Update by Supplier
- When searching for the products to update a number of search types can be entered, for example by product or by category. Most commonly searching by Supplier is used as the updates tend to happen when the suppliers give their new price lists. Chose the search mechanism and hit enter. This will bring back the product list.
Fig 3 - Product Fields Available for Editing
- The product list from the supplier will have open fields two of which is the order cost and unit cost. The Order Cost is in relation to the Order Qty and the Unit Cost is in relation to the Size. Update the price here and click save changes.
Fig 4 - Update Products Confirmation
- Any changes made to the cost prices will throw up an alert to make sure they are correct, if the prices should be updated click OK. This will update all PO going forward but does not update pending deliveries.
Fig 5 - Alert Box Shown When Updating Cost Prices
- The cost prices will automatically update all recipes and batches from this point onwards. This updates all the theoretical GP/COS for all recipes at all sites where this is the allocated supplier for this product.
Fig 6 - Final Confirmation
- The last alert will show that these changes have now been saved.
Things to Consider
- Ideally, having fixed price agreements with suppliers would minimise the number of times products require updating in a year.
- Try to get the suppliers to agree to updating the cost prices at the beginning of a new stock period as this will help narrow the difference between theoretical and actual COS. Note the theoretical GP will change for the entire stock period for any products that are updated but the actual won’t unless the products are purchased at the new price.
- Knowing what the cost prices or the products are likely to be in advance can allow for better purchases agreements as a decision can be made to order from specific suppliers for specific products.