Setting up Price Checker within Lightyear

Price Checker

This is a step-by-step guide to setting up Price Lists in Lightyear to enable the Price Checker feature.

The Price Checker notifies you when a supplier's on-invoice price differs from the loaded agreed price.


Using Price Checker

What is it?


One of the many benefits to Lightyear's line item extraction is the ability to conduct automated checks on supplier pricing. We call this feature.... erm... Price Checker.

In summary, the Price Checker feature automatically notifies you when a billed price differs (higher, lower) than the agreed product price.  Price Checker does this by comparing the extracted Landed Unit Cost (LUC) from bills against your pre-loaded price list.

As a bill arrives into your Approvals tray, Lightyear will recognise the product code, price check the items and flag the any variance on the agreed price. 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.


The Price Checker feature is only available on bills with lines containing product codes of which are extracted by Lightyear 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.





Setup

To setup price checking you need to switch on the feature in Settings > Company Settings.




Switch 'Price Checking' to the 'Yes' position:



Next, head into the Product List section of Lightyear by going to Suppliers tab > Select a supplier > Click on the green pencil icon.

Then, you'll be presented with the screen below. You have 2 options to update the Unit Price:

1) Click on the green '+Product' button to add the details individually. If there are already existing product line items, you can add in the Unit Price by clicking on the green pencil icon. 
2) If you're loading multiple products, you can click here to skip ahead to the 'CSV Upload' article.




You'll be asked for the following info:
  • Product Code - The code that identifies the product on your bill
  • Product Description - A description of the product on your bill
  • Default GL code - Assign a GL code to automatically populate when this product is on a bill
  • Default Tracking Category (if activated from your Accounting Software) - Assign a Tracking Category to automatically populate when this product is on a bill
  • Effective From/To - The date at which the product price become effective. If a bill date falls on or after the effective date, Lightyear will price-check the product.
  • Unit Price - The agreed price between you and your supplier per unit
  • Tolerance % (+/-) - A percentage tolerance for each product price. Provided the unit price on the bill falls within this tolerance of the uploaded price, Lightyear will not flag it as an overcharge.

TIP! - Veteran users of Price Checker have shared that setting a tolerance of 1 or 2% stops Lightyear unnecessarily flagging variances caused by decimal rounding (e.g. $10.01 ,$10.02...).



CSV Upload

For longer lists of pricing, we offer bulk uploads via CSV  (comma separated values) file. All you need to do is create a CSV with the following columns:

  • Product Code (mandatory)
  • Product Description (mandatory)
  • GL Code (Either the code or description but it must be an exact match to what is in Lightyear currently)
  • Category (Either the code or description but it must be an exact match to what is in Lightyear currently)
  • Unit Price (no currency symbols)
  • Effective From (Must be dd/mm/yyyy format)
  • Effective to (must be dd/mm/yyyy format)
  • Tolerance (digits only)

Once your CSV is prepared, head to the Product List section of the Lightyear app, select the relevant supplier from the dropdown list, then click on the 'Upload CSV File' button:


Locate the CSV file on your device and select it. You'll be presented with the following pop up:

From here, click each drop down and map it to the corresponding column on your CSV. Once you're happy, click Confirm and the import will begin. 


What will I see once Price Checker is setup?

Once a Price List has been set-up for a supplier and a bill arrives in your Approvals tray, Lightyear will automatically price check the product codes extracted from the bill. Lightyear will display the results using different shaded cells in the Unit Price field:




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 a coloured cell will display the agreed price to you.





      

    Check out release notes for Q2 2021



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