Previously on Nerd’s Blog I went over how I use an Excel template I created to quickly analyze and update pricing on my client’s product lines. As a follow up to that I wanted to illustrate one example of how this template can enable you to update all of your products’ pricing in about 30 seconds. If you follow the instructions from the video on How To Manage Your Profit Margins On Your Product Lines then you know how to run the report in QuickBooks to get your product list, costs and prices into the template. This part may take a few minutes, especially if you are newer to QuickBooks. Once you do this and set all of your quantities to a quantity of ‘1’, then you are ready to update your pricing in QuickBooks in 30 seconds or less.
At this point you simply go to Scenario 4 and change the Gross Profit Margin % to one set number. Let’s say you want them all to be at 55%? Then you highlight the entire range, change them all to 55% and my Profit Margin Scenario Calculator will instantly update the prices on every single product in your list such that the Gross Profit Margin % will be 55% across the board. Now you are ready to go back into QuickBooks and updated it there. The only caveat to this is that you can only do this on Inventory Parts. You cannot do this on Assembly Items. So when you prepare your list in QuickBooks, you will need to filter it for only inventory parts. The reason as you will see is that we want to update the prices in QuickBooks using the “Add/Edit Multiple List Entries” feature. This dialogue only allows for Inventory Parts to be updated, not Inventory Assembly Items.
Once you have the “Add/Edit Multiple List Entries” dialogue open, all you have to do is go to the Profit Margin Scenario Calculator, copy the Selling Price, then come back to QuickBooks and paste it into that column in the “Add/Edit Multiple List Entries” dialogue. Then confirm that everything looks right and click “Save” then “Close”. It’s that simple and of course my video will demonstrate step by step what this looks like.
Please comment below or on the video directly on YouTube and tell me what you got out of this!..