Would you recommend this instead of the the "weighted average cost". We currently have that turned on but have found that the mark up rules don't mark up the average cost only the cost in the vendor section.
Important warning on this feature: If you sync to Quickbooks Desktop, not having the bill generated means your quantities don't get adjusted, leading to possible errors in the feature. Especially if the received part will be used before you receive the bill.
As always Richard has done a fantastic job of explaining the functionality of this feature. The time allotted for the video isn't sufficient for him to explain the pitfalls and consequences of unchecking this box. The P2P process is already too cumbersome and riddled with the potential for human error. This, in conjunction with Steve's comment and its effect on QBD, makes this a no-go for us. Therefore, we have purposely left this box checked to help with the automation of P2P. Also, Steve and rthomso bring up another great point that is not considered here. ST doesn't have the ability to perform FIFO or LIFO, and the weighted average setting is a bit sketchy. With the volatility of the current supply chain, every box we check or don't check, every rule we automate or don't needs to be done with purpose and planning.
How are you all auditing your pricebook to make sure your primary vendor is correct? If your primary vendor changes, your 'Cost' for the part auto-updates to whatever your primary vendor is. If you update or auto-update the costs for a part but don't update the primary vendor, or worse, just PO the part from a new vendor but don't update the cost in the pricebook, your pricing never updates. ServiceTitan doesn't notify you who the primary vendor is when you PO a part, and it doesn't auto-update the Cost for the part, necessarily.
So, this seems like it helps, but it really doesn't fix all the problems. How are you going about making sure your prices are the most up-to-date possible?
The video doesn't show us the pricebook with the updated cost after creating the bill.
When I follow the process to update vendor cost, the pricebook remains unchanged. I opened a support ticket for this on April 25, 2022 (01824449) and the ticket is still open. The way I understand it, I should be able to open the Pricebook for the item purchased, and the cost for that vendor should match cost from the bill.
I am going to speak to our AP department about this workflow to see if it will benefit us. I see the value although some of the other contributors brought up some valid concerns. I will test this out and see if there are any other potential pitfalls and to make sure the updated cost actually pushes over to the pricebook. Keeping up with rapidly changing costs does leave its mark when trying to get accurate job costing so I see this as a potential fix if it works properly and won't cause any Intacct issues.
I don't know if this was answered or not yet - but if you have auto billing on for a vendor bill - does the price update in Pricebook? I ask because when we formed a manual vendor bill, we had to manually check the update Pricebook button/slider. So does this also happen automatically? I don't see the option anymore if I go to edit the bill. Thanks!
