This is a step-by-step guide to setting up Price Lists in invitbox to enable the Price Checker feature.
The Price Checker automatically notifies you when a supplier is over-charging you on a product.
This feature is now free for all accounts.
Using Price Checker
What is it?
In summary, the Price Checker feature automatically notifies you when a supplier is over-charging you on a product.
The Price Checker feature compares unit cost prices from your bills against a product price-list that you upload or enter into your invitbox account.
As a bill arrives into your InTray, invitbox will automatically price check the line items and flag the products on which you have been overcharged.
The red coloured unit price indicates a product has been over-charged when compared with the price list for this supplier. Green indicates a product is charged the same (or less) price as expected, and the non-coloured unit price, has no entry in the supplier’s price list.
Note: the Price Checker feature is only available on bills with lines containing product codes of which are extracted by invitbox using a Line Item Map. The Product Code needs to be exact every time. This is required so a comparison can be made between the product code on a supplier’s bill with the product price-list that you upload. If your products are mapped with a service map it will not work.
Getting Product Codes and Prices into invitbox
There are two ways you can add product prices to invitbox:
- by uploading a Price List file, or
- manually, one at a time.
In either scenario you need to supply at least some of the following information:
The code that identifies the product on your bill
The description of the product on your bill
the date at which the product price become effective. If a bill date falls on or after the effective date, invitbox will price-check the product.
Note – you can multiple versions of a Product Price based on the effective date:
- you can have multiple prices for a product that were valid in the past, i.e. they have expired
- you can have one current price for a product, i.e. “today’s price”
- and you can have a single future price for a product, e.g. a price that may be valid next month
the unit price you expect to pay for the product.
Note - When invitbox extracts data from a bill it ends up with a unit price for each Product Code. In effect invitbox does this by dividing the total value of the row (excluding tax but including any freight or packaging fees that are included on the row), and dividing that by the quantity on the row. It is this value that Price Checker will compare your uploaded Price List against.
a percentage tolerance for each product price. Provided the unit price on the bill falls within this tolerance of the uploaded price, invitbox will not flag it as an overcharge.
Uploading a Price List file
In your system
You can save each Price List as a .txt, .csv or an .xls file. Please note if you are saving a Price List as an .xls the upload will only read information from the first worksheet tab within the file. Also note than a .xlsx file will not work.
Prepare your information in one of the following formats:
Duplicate Product Codes
Before you save a file for upload to invitbox you should remove any duplicate Product Code rows. The import to invitbox will fail if there are any duplicate product codes within a file.
Firstly it should be noted that only Admins can upload and edit Price Lists within invitbox.
Upload a Price List to your invitbox account using the following steps:
- Go to Admin > Product Lists (also available from the Admin > Supplier screen)
- If you have not done so, check the box Use Price Check Service (Admin Tab > Company Settings)
- Select the Supplier you wish to add a Price List to from the drop list near the top of the screen
Then select the file you prepared earlier using the Upload supplier Price List section near the bottom of the screen, before clicking the Upload button.
The following dialog will appear:
- Choose the File Format column layout of your file
- Check the Header Row if your file contains a heading at the top
- Select an Effective Date for the Price List (Mandatory)
- Check the Copy Existing Tolerance if you wish to copy the tolerance in an already uploaded Price List with tolerance already set for the Supplier
- Click Continue - you will be told how many products were added to the Price List, and how many were updated.
Adding (and Editing) Prices manually
From the Price Lists screen you can Search for, Add, Edit and Delete Product Prices. Note: a delete cannot be undone.
- Go to Admin > Product Lists
- Select a Supplier with a Price List from the drop list near the top of the screen
- Select a Product Price from the list
- Click Edit to view the existing versions of the Product Price
Then Select a version of the Product Price before clicking edit. This will allow you to update those particular details.
In your intray - panel 3
Once a Price List has been set-up for a supplier and a bill arrives in your InTray, invitbox will automatically price check the product codes extracted from the bill. Invitbox will display the results of the price check on the right-hand panel of your InTray:
Red indicates that you have been overcharged, and Green indicates that you have been charged at or less than your agreed price (allowing for any tolerance you may have set). Hovering over the coloured cell will display the agreed price for you.