Setting Up a Price List
Prices are required in order to use defined costs.
A defined cost is a cost defined in non-monetary terms, such as 100 hours of labor, or 20 tons of steel, or 12 screwdrivers. A unit price is required to convert these into monetary amounts, such as $80 per hour for labor, or $150 per ton for steel, or $5.83 each for screwdrivers.
Each unit price is part of a larger price definition, which includes the price name, the quantity unit (hours, tons, each, etc.), the unit price itself, the price currency, and any associated comments.
1. Click on Setup Menu on the main menu, then select Prices. This will bring up the Price Definition Form.
2. We'll enter a price definition for a labor category called 'Engineer'. Type this name into the Name field in the first empty row.
3. Type the unit, in this case 'hours', into the Units field, and an hourly rate - say 105.47 - into the Unit Price field. Do not enter a currency symbol with the unit price, since the currency is defined separately. The currency will be in your base currency by default, and there is no need to change it at this time.
4. Add a second price definition, this time for Technician', into the row immediately below the first. The 'hours' unit is now available on the Units drop-down list, so you can select it from the list rather than typing it in again. Insert a suitable hourly rate.
5. Add a third definition, this time for 'Consultant', but make the unit 'days' this time. Insert a suitable daily rate.
6. Save your definitions and exit from the form by clicking on OK. Alternatively, you can save and exit while simultaneously creating a printable report on your price definitions by clicking on Make Report.