Written by: Bernadette Evardone
Introduction
In the world of NetSuite, managing pricing for different customers and items can be a complex task. Understanding the hierarchy of price levels is crucial to ensure accurate and consistent pricing across transactions. In this guide, we will walk you through the various price levels in NetSuite and how they interact with each other.
Item Pricing
At the top of the hierarchy, we have item pricing. This refers to the specific customer prices set on individual item records. Item pricing allows you to assign absolute prices for different customers, ensuring that each customer receives the correct pricing for specific items.
Pricing Group
Next in the hierarchy is the pricing group. Pricing groups allow you to assign customer-specific price levels for groups of items. This is particularly useful when you have multiple items that share the same pricing structure for a particular customer or customer group.
Price Level on Customer Record
Moving down the hierarchy, we have the price level set in the customer record. This allows you to assign a default price level to a specific customer. When creating transactions for that customer, NetSuite will default to the price level specified in their record.
Base Price
At the item level, you have the base price. This is the default price assigned to an item. When no specific price level is defined for a customer or pricing group, NetSuite will use the base price as a fallback.
Custom Price
Lastly, if no price level is defined in both the customer record and item record, NetSuite allows you to set a custom price directly in the transaction. This gives you the flexibility to override any default pricing and enter a unique price for a specific transaction.
Conclusion
Understanding the hierarchy of price levels in NetSuite is essential for ensuring accurate and consistent pricing across transactions. By leveraging item pricing, pricing groups, customer-specific price levels, base prices, and custom prices, you can effectively manage pricing for different customers and items. This not only streamlines your pricing processes but also helps maintain strong customer relationships based on fair and accurate pricing.
Remember, mastering the hierarchy of price levels in NetSuite is key to achieving pricing excellence and maximizing your business's profitability.
Stay tuned for more insightful articles on NetSuite and effective business management techniques!
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