Updating material costs

[RandiThompson]

How is everyone efferently updating their material costs in the pricebook. I'm working on my "fall list" and dynamic pricing is on the list which will require an overhaul of our pricebook. But the first issue I'm concerned with is keeping the material cost up to date, we currently have weighted average cost turned on but I'm pretty sure that wont work with dynamic pricing. We don't want to turn off the "automatically create a bill" in the purchasing settings because that creates a whole new set of problems. So I'm hoping someone has a fantastic way of doing this already!! 

[CPAplumber]

Hi Randi! I do have a fantastic way of doing this for all the smaller & unique vendors.  It's an automation that takes the prices found on vendor invoices, and compares them with the ST pricebook material price. Then I can bulk update for any pricing discrepancies that show up! Sorry it's come a year after this post but happy to share. 

[RandiThompson]

@JessicaSmith another question while I have your ear, when using dynamic pricing if we have multiple vendors with different prices for 1 material what does it use to calculate? 

[JessicaSmith]

I believe it will use the one you have marked as PRIMARY VENDOR

[MirandaMel]

⬆️Yup, what she said!! 

[MirandaMel]

We do it as a manual thing...I am a parts person by trade so it is my specialty.  I found it works best when the order is being created to update the pricing.  It is a slow process for sure.

[JessicaSmith]

Do you have any vendors that connect to ST? We buy a large amount of our materials and equipment from Johnstone- the integration keeps costs up to date!

For the vendors that aren't integrated, I just use the Vendor-Material Cost Import to update pricing. It's fairly easy if you have vendor part number in the system, are familiar with XLOOKUP, and receive your price increases via spreadsheet. (Read: not fairly easy)

[RandiThompson]

@JessicaSmith when you say "integrated" do you mean the catalog or a different integration? And no on the XLOOKUP but I just googled it and 🤯

[JessicaSmith]

I mean the Procure to Pay integration!!

[RandiThompson]

I just looked that up in the knowledge base...sounds AMAZING but none of our vendors are on there 😭