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Product price rounding

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Submitted by Guest on Wed, 15/04/2015 - 15:47

Development Project Status: Completed

Total cost estimate (ex-Tax): 
$1180
Due date for completion of this stage: 
15/04/2015
Release: 
1.9
Current Percentage Funded: 
100.00%
Project funding: 

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Project description: 

In countries that have a low-value currency, it is standard practice to set the product's price (i.e. selling price) in round dollars.  For these environments, one needs the system to round any automatically calculated prices.

This project will add a 'Round Product Price to' field to the Currency screen. This will round prices to the specified amount. By default this will be set to $0.01. 

If this is set to say $1.00 then automatically calculated prices will be rounded to the nearest dollar. If it was set to $0.20 they would be rounded to the nearest 20 cents.

The Product Price Rounding will apply to both fixed and unit prices.

Prices will only be rounded when:

a) editing a product, and the product's markup or cost price are updated and the product's price is recalculated; or

b) Auto Price Update is set and a delivery is finalised which contains an updated Supplier List Price. [This will update the cost price to the list price, and calculate a new rounded unit price.]

 

Rounding will not occur if:

  • the Import facility is used to update a price
  • the price is entered during charging or estimating

 

JIRA: OVPMS-1649

Comments

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Re: Selling price rounding

Submitted by tanderson on Thu, 16/04/2015 - 22:02.

Sounds reasonable. Can it be called 'Product Price' rather than 'Sell Price' though?

Re: Selling price rounding

Submitted by tgething (not verified) on Fri, 17/04/2015 - 07:06.

Done - updated project description and name.  Regards, Tim G

Re: Selling price rounding

Submitted by tanderson on Thu, 30/04/2015 - 16:46.

One consequence of this change would be that the markup needs to be recalculated after determining the rounded unit price.

So if you edit a products unit price, and change the markup, the unit price will be recalculated, and then the markup recalculated again.

Re: Selling price rounding

Submitted by tgething (not verified) on Thu, 30/04/2015 - 18:26.

Tim - I do not see this as a problem.  Let us say the cost is $HKG 320.87 and our 'standard' markup is 80%.  This gives an unrounded sell price of $HKG 577.566, which (with dollar rounding) gives $HKG 578.00 - and the markup gets adjusted to 80.1353 when when rounded to 2 digits gets set to 80.14

So our markups will hover around the 'standard' setting that we input.

Now we get a delivery and the cost price goes to $329.45, so with a markup of 80.14% the unrounded sell price is $593.4712, and gets rounded to $593 and the markup gets adjusted to 0.79997 rounded to 80.00%.

So in this case the markup returns to our 'standard' value, but in general it will continue to hover around our standard value.

As long as we document the behaviour, I do not see a problem.

Regards, Tim G

PS I checked with the practice manager - she agrees with me  - not a problem.

Re: Selling price rounding

Submitted by tanderson on Fri, 01/05/2015 - 12:33.

Any reason you don't want fixed prices to be updated in the same way when editing products?

Re: Selling price rounding

Submitted by tgething (not verified) on Thu, 07/05/2015 - 07:30.

Tim - you are correct.  There is no logical reason why the fixed prices should not be subject to the same rounding.  That is although the fixed prices are never affected by any auto update on a delivery, it would be logical to have the same thing apply when editing - ie if you change the markup and/or cost then the price is re-calculated, and roounded, and the markup recalculated.

Hence the project description needs to be adjusted to include editing of fixed prices and to remove the exclusion of fixed prices.

Regards, Tim G

 

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