Setting of Selling Prices in LoMag Software

The LoMag warehouse program allows you to set automatic selling prices for items. They can be determined on the basis of a fixed price value or as a default mark-up. In order to select the appropriate option, click on the program tab present at the top of the menu and select the settings from the drop-down menu.

Performing the above step will display a new window in front of user. Go to the calculation tab in which he will be able to determine the selling price based on one of two options:

  1. Selling price is fixed in quota terms in the item list in the field 'Suggested selling price'.
  2. Selling price is calculated as the sum of the purchase price and the mark-up (or margin) from the item list.

The following examples will discuss how to add a new item and how to edit it with the desired selling price settings and the impact of these settings in the software.

1. Selling Price using the Fixed Amount Settings

In the LoMag software settings, select the fixed price option in the calculation tab (option#1). Then open the items list. For this, select the item tab from the main menu and choose item list from the drop-down menu. The program will open a window with a list of items available in the warehouse.

To add a new item in the main menu of the item list window, select the Add option. This will display a new window in which you must fill the parameters for the newly added product.

We will use an item called a lemon. Fill its initial parameters with a value of 100kg as an initial state and PLN 3.00 as an initial price. In the section suggested prices, we introduced a net selling price of PLN 4.00 - which resulted in the program automatically recalculating the gross price to PLN 4.92. After verifying the settings for the item, click the 'save' button.

After adding the item, we can see it in the list of items. In the main parameters, we can see that the value of the goods is PLN 300.00, which is the product of the initial stock and the purchase price (100x3=300), and the sale price is defined as PLN 4.00

When issuing a New Goods document, click on the 'New Issued Goods' icon or use the Documents tab and select the 'Goods Issued Notes' from the drop-down list. You can also use F3 as a shortcut key.

In order to release new document window, click the add button and add new item parameters.

Using our example of a item which is a lemon, choose it from the list. The selling price is set at PLN 4.00 net which we defined at the suggested prices while adding a new item. The selling price field is editable, allows you to change the value of the item at any time.

2. Selling Price using Mark-up / Margin Amount.

Now select the second option to calculate the selling price, which is markup or margin amount in the LoMag software. Open the item list, double-click the selected product with the left mouse button or use the Edit tool.

By changing the calculation settings for the sale price of a good from a fixed price (as above instructions) to the default margin, you can see that the parameters of the item in edit window have been changed. In the suggested price section there is no longer value as the net / gross sales price. They have been replaced with new parameters called the default markup and margin. By filling the value of one field, the program will automatically calculates the second one. In our example, we used a 50% as a default markup, the default margin will become 33.33%. After verifying the settings, save the product by clicking the OK button.

In the item list, the selling price is 4.50 PLN - as it was calculated on the basis of the purchase price of PLN 3.00 and the value expressed as a percentage of 50.00 PLN in the default mark-up column.

When adding a new product in the 'New Goods Issued Notes' document, as described above in this manual, you should choose Lemon good. In the properties window of the added item, it can be seen that the selling price is 4.50 PLN for 1kg of goods, and in a separate window, the amount of the mark-up is calculated. All fields except the purchase price are editable. Even changing one value will cause the remaining fields to be recalculated based on newly entered data.