Monday, September 26, 2011

QuickBooks: Speed Invoicing Using Price Levels

A client recently wondered how she could speed up the invoicing task done by her administrative assistant. She said that the assistant was new and did not know the correct charge for the various customers and had to continually look them up based on prior invoices. She was hoping there was an automated process.

The answer is yes, use Price Levels.
Price levels let you set custom pricing for different customers or jobs. Once you create a price level and associate it with one or more customers or jobs, each time you create an invoice, estimate, sales receipt, sales order or credit memo for those customers or jobs, QuickBooks automatically pulls up the correct custom price for a customer or job. You create price levels, then use them on sales forms to adjust the price of an item. You can also manually adjust the prices while creating a sales form.

Note: Price levels associated with customers are automatically used for billable time and reimbursable mileage items. They are not automatically used for reimbursable items and expenses from purchase transactions or invoices created from estimates.

Fixed Percentage Price Levels
Fixed percentage price levels let you increase or decrease prices of all items for a particular customer or job by a fixed percentage. For example, you might use a fixed percentage price level for a customer who gets a 10% discount on all the products and services you offer. You can choose to round sales prices up to the next whole dollar by setting this Company preference when you use fixed percentage price levels.

Per Item Price Levels
Per item price levels let you set custom prices for items that are associated with different customers or jobs. For example, you might use a per item price level for your preferred customers who are charged $8 for product X (regularly priced at $10), $5 for product Y (regularly priced at $5.50), and your standard price for product Z.

In another example, you might have a specific customer you agreed to charge $50 per hour for research time (regularly priced at $70) and $30 per hour for administrative time (regularly priced a $35 per hour).

Note: Per Item price levels are only available if you have QuickBooks Premier or Enterprise editions.

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