Variable item costs - possible?

Hello.  Our business (jewelry) has many items whose costs fluctuate based on 
current exchange rates...also our discount rates with some of our suppliers 
can vary based on different currency rates as well.  Is there any work 
around, offset, best practice or method that anyone can think of or is using 
to deal with this situation with respect to configuring item prices?

Best Regards,
0
hitman (84)
4/23/2005 2:52:01 AM
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finally a question i can help answer! (hopefully :-)

I'm pretty sure what you need to do is start using a "Weighted Average". RMS
has this feature where the cost of an item is averaged over time depending
on its historical costs in Purchase Orders--so, to use the Weighted Average
you have to use Purchase Orders to enter incoming inventory. If you already
do this then you're halfway there.

The first thing to understand is that there are 3 different costs for any
item in RMS:
1. The normal cost found in the General tab of the item--note: this will
soon be the Weighted Average Cost.
2. The supplier cost found in the Supplier tab of an item or in the
Suppliers menu
3. The Purchase Order cost, found when creating PO's, representing the
actual cost at the time of purchase.

So, let's say you normally buy 100 sodas at $1.00/each per order ($100
total)--You've done this for the past 3 months so you've bought 300 sodas at
$1/each. The average cost of a soda is a buck. Then, as a promotion, your
top vendor sells you 200 sodas at a discount price of $0.80. So, what's the
average cost of a soda now that 300 were bought for a buck and 200 for 80
cents?--the Weighted Average:

(300*1.0 + 200*0.80)/(300+200) = 0.92 cents.
(i hope this math is correct! i haven't really attempted this since
gradeschool)

RMS will calculate and store the weighted average in the normal cost (#1
above). But first you have to tell it to do so by going here:
File>Configuration>Inventory>Cost Update Method>Weighted Average

After selecting this, RMS will recalculate the weighted average cost for
items when you bring them in via Purchase Orders or Transfer Ins. When you
create a new PO, it usually automatically populates item costs (#3 above)
with the Supplier Cost (#2).

You can also configure RMS to update the Supplier cost with the last PO cost
here:
File>Configuration>Options>Purchase Order options>Update supplier cost and
tax rate from Purchase Order


It was kind of confusing the first time i learned of this 3 cost thing--so i
hope i explained it well and that this in some way addresses your issue.

cheers,
kamal



"hitman" <hitman@discussions.microsoft.com> wrote in message
news:43612629-F387-46FE-9802-669B1231484B@microsoft.com...
> Hello.  Our business (jewelry) has many items whose costs fluctuate based
on
> current exchange rates...also our discount rates with some of our
suppliers
> can vary based on different currency rates as well.  Is there any work
> around, offset, best practice or method that anyone can think of or is
using
> to deal with this situation with respect to configuring item prices?
>
> Best Regards,


0
kamal (120)
4/24/2005 12:41:10 AM
Kamal --

Good stuff, thanks alot for your response...much appreciated!


"Kamal Hood" wrote:

> finally a question i can help answer! (hopefully :-)
> 
> I'm pretty sure what you need to do is start using a "Weighted Average". RMS
> has this feature where the cost of an item is averaged over time depending
> on its historical costs in Purchase Orders--so, to use the Weighted Average
> you have to use Purchase Orders to enter incoming inventory. If you already
> do this then you're halfway there.
> 
> The first thing to understand is that there are 3 different costs for any
> item in RMS:
> 1. The normal cost found in the General tab of the item--note: this will
> soon be the Weighted Average Cost.
> 2. The supplier cost found in the Supplier tab of an item or in the
> Suppliers menu
> 3. The Purchase Order cost, found when creating PO's, representing the
> actual cost at the time of purchase.
> 
> So, let's say you normally buy 100 sodas at $1.00/each per order ($100
> total)--You've done this for the past 3 months so you've bought 300 sodas at
> $1/each. The average cost of a soda is a buck. Then, as a promotion, your
> top vendor sells you 200 sodas at a discount price of $0.80. So, what's the
> average cost of a soda now that 300 were bought for a buck and 200 for 80
> cents?--the Weighted Average:
> 
> (300*1.0 + 200*0.80)/(300+200) = 0.92 cents.
> (i hope this math is correct! i haven't really attempted this since
> gradeschool)
> 
> RMS will calculate and store the weighted average in the normal cost (#1
> above). But first you have to tell it to do so by going here:
> File>Configuration>Inventory>Cost Update Method>Weighted Average
> 
> After selecting this, RMS will recalculate the weighted average cost for
> items when you bring them in via Purchase Orders or Transfer Ins. When you
> create a new PO, it usually automatically populates item costs (#3 above)
> with the Supplier Cost (#2).
> 
> You can also configure RMS to update the Supplier cost with the last PO cost
> here:
> File>Configuration>Options>Purchase Order options>Update supplier cost and
> tax rate from Purchase Order
> 
> 
> It was kind of confusing the first time i learned of this 3 cost thing--so i
> hope i explained it well and that this in some way addresses your issue.
> 
> cheers,
> kamal
> 
> 
> 
> "hitman" <hitman@discussions.microsoft.com> wrote in message
> news:43612629-F387-46FE-9802-669B1231484B@microsoft.com...
> > Hello.  Our business (jewelry) has many items whose costs fluctuate based
> on
> > current exchange rates...also our discount rates with some of our
> suppliers
> > can vary based on different currency rates as well.  Is there any work
> > around, offset, best practice or method that anyone can think of or is
> using
> > to deal with this situation with respect to configuring item prices?
> >
> > Best Regards,
> 
> 
> 
0
hitman (84)
4/24/2005 1:02:01 AM
  That was a great explanation!
  -- 
  Elizabeth M.
  "Kamal Hood" <kamal@compassionatecaregivers.net> wrote in message 
news:OZE3PZGSFHA.248@TK2MSFTNGP15.phx.gbl...
  > finally a question i can help answer! (hopefully :-)
  >
  > I'm pretty sure what you need to do is start using a "Weighted Average". 
RMS
  > has this feature where the cost of an item is averaged over time 
depending
  > on its historical costs in Purchase Orders--so, to use the Weighted 
Average
  > you have to use Purchase Orders to enter incoming inventory. If you 
already
  > do this then you're halfway there.
  >
  > The first thing to understand is that there are 3 different costs for 
any
  > item in RMS:
  > 1. The normal cost found in the General tab of the item--note: this will
  > soon be the Weighted Average Cost.
  > 2. The supplier cost found in the Supplier tab of an item or in the
  > Suppliers menu
  > 3. The Purchase Order cost, found when creating PO's, representing the
  > actual cost at the time of purchase.
  >
  > So, let's say you normally buy 100 sodas at $1.00/each per order ($100
  > total)--You've done this for the past 3 months so you've bought 300 
sodas at
  > $1/each. The average cost of a soda is a buck. Then, as a promotion, 
your
  > top vendor sells you 200 sodas at a discount price of $0.80. So, what's 
the
  > average cost of a soda now that 300 were bought for a buck and 200 for 
80
  > cents?--the Weighted Average:
  >
  > (300*1.0 + 200*0.80)/(300+200) = 0.92 cents.
  > (i hope this math is correct! i haven't really attempted this since
  > gradeschool)
  >
  > RMS will calculate and store the weighted average in the normal cost (#1
  > above). But first you have to tell it to do so by going here:
  > File>Configuration>Inventory>Cost Update Method>Weighted Average
  >
  > After selecting this, RMS will recalculate the weighted average cost for
  > items when you bring them in via Purchase Orders or Transfer Ins. When 
you
  > create a new PO, it usually automatically populates item costs (#3 
above)
  > with the Supplier Cost (#2).
  >
  > You can also configure RMS to update the Supplier cost with the last PO 
cost
  > here:
  > File>Configuration>Options>Purchase Order options>Update supplier cost 
and
  > tax rate from Purchase Order
  >
  >
  > It was kind of confusing the first time i learned of this 3 cost 
thing--so i
  > hope i explained it well and that this in some way addresses your issue.
  >
  > cheers,
  > kamal
  >
  >
  >
  > "hitman" <hitman@discussions.microsoft.com> wrote in message
  > news:43612629-F387-46FE-9802-669B1231484B@microsoft.com...
  >> Hello.  Our business (jewelry) has many items whose costs fluctuate 
based
  > on
  >> current exchange rates...also our discount rates with some of our
  > suppliers
  >> can vary based on different currency rates as well.  Is there any work
  >> around, offset, best practice or method that anyone can think of or is
  > using
  >> to deal with this situation with respect to configuring item prices?
  >>
  >> Best Regards,
  >
  >




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0
anonymous (74722)
4/25/2005 3:08:53 PM
You can create a script that utilizes:
1.  a base price, ( the price the piece cost at say $400 gold)
2. an increment (how much to adjust up/down each dollar the gold is 
above/below the base gold price
3. The base gold price (or platinum or silver) price i.e. $400 gold.

To change your sell price simply run the function, enter the current gold, 
when prompted and the system will sweep through all item and adjust the price 
up or down. 
We routinely do this in our wholesale jewelry application and are planning 
to do this in the next release of MPI-Jeweler, our add-on for RMS. 

Hope this helps






"hitman" wrote:

> Hello.  Our business (jewelry) has many items whose costs fluctuate based on 
> current exchange rates...also our discount rates with some of our suppliers 
> can vary based on different currency rates as well.  Is there any work 
> around, offset, best practice or method that anyone can think of or is using 
> to deal with this situation with respect to configuring item prices?
> 
> Best Regards,
0
5/12/2005 3:44:02 AM
Reply:

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