Price Sheets
This article will show you how to set up your pricing structures and rates with the Price Sheets feature.
Topics included in this article:
- How to Get There
- What is a Price Sheet?
- Edit Price Sheet
- Price Sheet Rate Periods
- Active Schedule
- Delete a Price Sheet Period
In the top navigation bar, go to Pricing > Price Sheets.
From this screen, you can see all of the Price Sheets you've created. You'll also be able to identify the default sheet.
To create a new Price Sheet, click on +New Price Sheet.
What is a Price Sheet?
Price Sheets are a simple concept that helps you run your business without as much busy work. They allow you to set up pricing for your items using simple calculations and then adjust them easily in the future as pricing changes. With Price Sheets, you can easily have special pricing for part of the year or adjust the pricing for related items by just changing the data in one place. If you do not want to take advantage of Price Sheets' flexibility, you simply have to create one Price Sheet for each item.
Let’s walk through an example configuration.
Joe’s Bicycle Shop rents regular bicycles, four person peddle cars, and motor scooters. The four person peddle cars are double the cost of the regular bicycles for all rental lengths. The motor scooters have their own separate pricing structure. The bicycles are $5 an hour, $20 a day and $40 a week. The motor scooters are $20 an hour, $40 a day and $160 a week.
In this case, Joe would create two Price Sheets: Peddled Transport and Motor Scooters:
| Period | Motor Scooter | Peddled Bike |
| Hour | $ 20.00 | $ 5.00 |
| Day | $ 40.00 | $ 20.00 |
| Week | $ 160.00 | $ 40.00 |
For each type of item in your inventory, you select a rate scale and a base rate. In the beginning, we suggest that you set the base rate equal to your lowest rate.
For Joe’s Bicycle Shop, he would set up the base rate for bicycles to $5 and the base rate for four person peddle cars to $10. Then, he would set both of them to the Peddled Transport Price Sheet. He would set the base rate for the motor scooters to $20 and select the Motor Scooters Price Sheet.
Let’s look at the Peddled Transport items in detail. For the bicycles with a base rate of $5, we can easily calculate the other rates using the values in the Price Sheet. Since the hourly rate modifier is set to 100% this means the item rents for $5 an hour. The daily rate modifier is set to 400% so daily rentals are $20. Weekly is set to 800% so a weekly rental comes in at $40. For the four person peddle cars, since he set the base rate to $10, the rest of the math is the same as the bicycle and works out as expected.
For the Motor Scooters, you can calculate the rates using the same method and you will find that, using the table above, they will equal the expected rates.
If most of the items will use one price sheet, you can set it as the default. All new items created will automatically be applied to the default price sheet.
Note: When creating a price sheet, if you have specific price that you absolutely need to meet exactly, the price sheet calculator widget will let you set your desired base price, and your desired price for that period, and will calculate the correct percentage to set. For example, if your base price was 49.95, and you specified that you wanted a price for the period of 84.95, it would tell you that the percentage should be set to 170.07. Just click the calculator icon next to the percentage field to activate the calculator.
Name - This will be the name of your Price Sheet. Name this price sheet something you will easily remember when configuring items.
Default Price Sheet - Once a Price Sheet is marked as default, it cannot be deleted or disabled. Also, to unset a Price Sheet as being the default, another Price Sheet must be marked as the default Price Sheet.
Rate Period Rounding - You can choose to round up, down, or to the nearest 1.00, 0.05, etc. You can even have your rates end with $0.99.
Price Sheets go by a Base Rate, which is configured in each individual rental inventory item. You can charge a multiple or percentage of the item base rate.
Note: An item's base rate can be found within the inventory record. To get there, go to the Inventory icon > Inventory > Rental Item > Pricing tab.
Example: 4 Hrs. = 80%, 1 Day 100%, 1 Week = 300%, 1 Month= 900%. Entering an amount in the base rate field on the item level will automatically calculate the new rate structure. For example, entering $100 in the base rate will show 4 Hrs. = $80, 1 Day = $100, 1 Week = $300 and 1 Month = $900.00
To add these rates to your Price Sheet, give them a name and a duration. You can click on the calendar to add your time if needed. Then click Add a New Rate Period.
After you add all your names and durations, you can add your rates. Make sure that you enter the rates in the right area.
To preview how the Price Sheet will calculate prices, you can use the next column and enter your base rate. Below it will display the price for the percentage that you gave.
If you have a Rate Period Rounding selected, it will display a new column for what the price will be rounded to.
If you want to remove Item Rates from the storefront, you can blacklist certain rates from the storefront by checking the box.
When you are done, click Save.
You can set the Price Sheet to run on duration as well. By editing the Price Sheet you can click on the Active Schedule button and choose Annually, Always, or Only Once. Click Save and you can add multiple dates if you would like.
You also have the ability to remove selected rates from the storefront by using the 'blacklist' feature for each rate period.
Delete a Price Sheet Period
If you added a rate structure or duration that is incorrect or is no longer used, you can click the delete button next to the rate/duration. As long as this structure is not associated with any items or other price sheets, the rate will be removed.
If the rate is linked to a different price sheet or surcharge, then you will receive a warning letting you know before it is deleted. You will need to remove the surcharge and/or the percentage linked to the other price sheets for this rate before you can delete the rate.
Related articles
Editing Price Sheets Per Transaction
New Serialized Inventory
New Unserialized Inventory