Item Price
An Item Price stores the buying or selling price of an Item in ERPNext. Each Item Price is linked to a Price List, allowing the same Item to have multiple prices based on customers, suppliers, currencies, units of measure, or validity periods.
Instead of storing prices directly in the Item master, ERPNext maintains them as separate records. This provides greater flexibility for managing pricing across different business scenarios.
- Item: Laptop
- Standard Selling Price: ₹60,000
- Wholesale Selling Price: ₹55,000
- Standard Buying Price: ₹48,000
Each of these prices is stored as a separate Item Price linked to its respective Price List.
1. Creating an Item Price
There are two ways to create an Item Price:
- Selling/Buying/Stock → Items and Pricing → Item Price → New
- Open an Item and click the + icon beside Item Price.
Then:
- Select the Item.
- Choose the Price List.
- Verify the Currency and UOM.
- Enter the Rate.
- Click Save.
Item Prices are applied only when the corresponding Price List is selected in the sales or purchase transaction.
2. Features
2.1 Price Lists
Every Item Price belongs to a Price List.
This allows you to maintain different prices for:
- Selling and Buying
- Retail and Wholesale
- Different currencies
- Different regions or customers
2.2 Unit of Measure (UOM)
Item Prices are specific to a particular Unit of Measure.
By default, ERPNext uses the Item’s default UOM, but you can create separate prices for any UOM defined for the Item.
- Rice – ₹80 per Kilogram
- Rice – ₹40 per 500 Gram Pack
ERPNext automatically applies the correct price based on the selected UOM in the transaction.
2.3 Packing Unit
The Packing Unit specifies how many units are included in one package.
For example:
- UOM: Box
- Packing Unit: 10
This helps when products are bought or sold in predefined package quantities.
2.4 Minimum Quantity
Specify the minimum quantity required before the Item Price becomes applicable.
This is commonly used for bulk or wholesale pricing.
2.5 Customer and Supplier Specific Prices
ERPNext allows prices to be restricted to specific business partners.
- For Selling Price Lists, you can assign a specific Customer.
- For Buying Price Lists, you can assign a specific Supplier.
This makes it easy to maintain negotiated pricing for individual customers or vendors.
2.6 Batch-Specific Prices
An Item Price can be linked to a particular Batch.
Whenever that batch is selected during a transaction, ERPNext automatically applies the corresponding Item Price.
2.7 Validity Period
Item Prices can be made effective only for a specific period using:
- Valid From
- Valid Upto
This is useful for promotional pricing, seasonal discounts, or temporary supplier pricing.
2.8 Lead Time
The Lead Time (Days) indicates the approximate time required for the Item to reach your warehouse.
This information can help compare suppliers that offer different delivery timelines.
2.9 Notes
The Note field can be used to record additional information about the Item Price, such as pricing conditions or supplier agreements.
3. Viewing Item Prices
To view all Item Prices together, navigate to:
Stock → Stock Reports → Item Price Stock
This report displays Item Prices across different Price Lists for easy comparison and management.
4. Benefits of Using Item Prices
- Maintain multiple buying and selling prices for the same Item.
- Support different currencies and units of measure.
- Create customer-specific and supplier-specific pricing.
- Schedule prices using validity periods.
- Manage bulk pricing with minimum quantities.
- Automatically fetch prices during transactions.
Summary
Item Prices in ERPNext provide a flexible way to manage buying and selling rates independently of the Item master. By combining Price Lists, Units of Measure, customer or supplier-specific pricing, and validity periods, businesses can implement accurate and dynamic pricing strategies while reducing manual effort during transactions.
