Inventory Price Adjustment

This article will walk you through making a mass price change to your Rental or Sales inventory by a percentage. You should always do this in the "Training Database" or in "Training Mode" BEFORE you work with live data. 

You can also make mass adjustments using the Database Management Tool, Rental Rate Adjustment. This feature is only available with the Database Management Module. With this feature, you can easily determine which items to update and specify how items on contracts will be affected. To become licensed or for more information, contact us. 

Topics in this article include
 

• Accessing the Training Database or Training Mode
• Getting there
• Who can access Inventory Price Adjustment?
• How are items on a contract going to be affected?
• Price adjustment

Accessing the Training Database or Training Mode

In Expert, press the Training Database checkbox in the Program Menu. 




In Elite,  before you sign in, press the Training Mode check box.




 

Getting there

Expert: Program Menu > Data Management > Inventory Price Adjustment

Elite: Left Menu > Tools > Data Management > Inventory Price Adjustment

Who can access Inventory Price Adjustment?

In order to use this module, you MUST have an owner's level password. You should always do this in the "Training Database" or in "Training Mode" BEFORE you work with live data. 

How are items on a contract going to be affected?

Because the Inventory Price Adjustment does not work retroactively, it will NOT affect items on a contract. Their prices will remain the same. To update their prices or rates, remove and re-add the item to the contract.



Price adjustment

You should always do this in the "Training Database" or in "Training Mode" BEFORE you work with live data. It is recommended that no one is in the Point of Rental System when performing this process.  
 

1. Determine which items to update. You can do this by using a Selection Criteria or selecting one, a few, or all categories to update. If you leave it set to “ALL” then prices for the entire inventory will be changed.

• To use the Selection Criteria, check the box. For more information on how this option works, please contact our product support team. 
• To select a category, press the Category button (the Selection Criteria box must be unchecked). To select more than 1 category, hold down Control (Ctrl keyboard button) and click on each category to update.

2. Enter a percentage to increase or decrease the price (or rate) for sell and rental items. This parameter defines the percentage change that will be applied to your items. It may be specified up to two decimal places. You can update rental and sell items at the same time. To decrease prices, enter a negative percentage.  For example, - 4.5 designates a 4 and ½ percent decrease. Otherwise, enter a positive amount. 

3. In this step, determine the rental and/or sale rounding. These parameters define the round-off factor to be applied to the adjusted rental prices. For example, entering 0.50 causes all rental or sell prices to be rounded off to the nearest 50 cents.

• For rounding rental items, if you round to the nearest dollar, items with low rental rates may round up/down in an undesirable fashion. For example, suppose you rent plates for $0.35/day, $1.00/week, and $3.40/month and round to $1.00 with a 10% price increase, the rates will be $0.00/day, $1.00/week, and $4.00/month.

4. SKIP to the next step if you're only updating rental items. In this step, you'll be able to specify how to update the sale item. You can update the price from the Sell Price, Purchase Price, or Retail Price. 

5. You can also update the purchase price by entering a percentage and the price round-off. If you don't want to update the purchase price, skip this step. 

 

6.  When you're ready, press Process

7. The program will scan through your inventory based on the selection criteria or categories you selected. Once complete, an item record will appear. Confirm the item record matches the Selection Criteria or category selected.

 

• If the item record DOES NOT match, select Reject or Abort.
  • Reject - Use this option to reject the current item record. Once selected, a new item record will appear where you'll have another opportunity to confirm it. You can use this as an option to exclude items from the price update.
  • Abort -  Use this option to abort the price update. This option is helpful if you recognize the item records displaying are not the items you want to update. This may be a result of the Selection Criteria or categories specified in step 1.

• If the item record DOES match, select Proceed or Select.
  • Select - Use this option to only accept the current item record. Once selected, a new item record will appear where you'll have another opportunity to confirm it. You can use this as an option to include specific items in the price update.
  • Proceed - Use this option to update all items within the Selection Criteria or Categories selected. Once, you begin this process. It CANNOT be stopped. You should always do this in the "Training Database" or in "Training Mode" BEFORE you work with live data.

8.  When the update is complete, you'll be prompted with the below message. Press OK.

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Data Management Tools | Change Case



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