The concept of the price matrix is designed to establish varying pricing structures for different customers based on the types of products and their assigned groups. This allows you to apply markups or offers discounts depending on the specific group a customer belongs to.
1. To start the setup of your matrix system please go into your ‘Settings’ – ‘Price Matrix’:
2. Currently, since no matrix’s are configured it should appear as follows:
3. From this point, you can create and configure your matrix groups, with no limit to the number you can set up. For example, you might have a group named “Trade.” To create a new group select ‘Create New’:
4. A pop – up box will appear, allowing you to name your matrix and select its type, such as Markup or Discount:
This matrix applies, markup or discount your products based on the allocation of a product group. If you already have product groups configured in your system proceed to step 6 if not, please follow these instructions to set your product groups up.Â
5. Product groups essentially group categorise products products that belong in the same category, serving purposes such as reporting, stocktaking, and applying the price matrix. To set up a product group you can follow either of these two steps:
Select a product in your system and press the plus symbol
Alternatively you can manage product group or multiple product groups by going to ‘Settings’ -and selecting ‘Company Lists’:
With your product groups configured, you can add them to your matrix by clicking ‘Add Product Group’ or include all your product groups at once by selecting  ‘Add all product groups’:
6.  If you selected ‘Add All Product Groups,’ please confirm by pressing ‘Yes’ when prompted.
7. You can then configure the specific markup or discount for each group, or apply an overall percentage to update all groups simultaneously.
8. Be sure to save your matrix after completing these steps.
9. After configuring the matrix, the final step is to assign your customer/customers to the applicable matrix. Even if you have only one matrix, you will still be required to complete this step.
Firstly, go to the customers profile you want to apply a matrix to and select ‘Price Type’:
10. Select the matrix that applies to your customer and be sure to save your changes. This will apply the arranged markup or discount configured to the customer.. Consequently, when you create the next invoice, the cost prices will reflect the percentage adjustments specified in the matrix.
11. Apply this to any customers for whom you would like to use a matrix, The matrix will only once be applied once you select the ‘Price Type’ for each customer.
*The matrix percentage is applied to the cost price. Therefore, if a product does not have a cost price entered, the markup or discount to be applied.
In addition to the benefits mentioned, setting up a price matrix and allocating your products to a product group, also improves reporting accuracy. For instance, you can access the ‘Item Sales Report’ by navigating to ‘Reports’ > ‘Business Reports’ > ‘Sales Reports’ > ‘Item Sales Reports’. In this report, you can sort and search by ‘Product Groups’ to obtain a detailed breakdown of sales for each item within the product group.
Please refer to this video which will also go over the steps mentioned above.
