Generate landing cost based on user-defined formula

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🧮✨ Using Rate Formulas in Logic ERP for Smarter Purchase Rate Calculations

Logic ERP provides users with the flexibility to define rate formulas💸 as per their specific requirements. This feature allows for the automatic calculation of purchase rates based on predefined formulas, helping to reduce manual work 🤹, eliminating errors ❌, and ensure pricing accuracy ✅ during procurement.

With this tool, businesses can: 📏 Standardize pricing strategies. ⚙️ Include various cost components. 📊 Ensure consistent and accurate rate calculations.

📝Follow the steps below to configure and use this feature effectively! 👇

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⚙️ Step 1: Configuring the Rate Formula in Logic ERP

1. Open Purchase Voucher Configuration

• Navigate purchase section🛒 and select purchase voucher📥 option.

• Once you are in the Purchase voucher window.

• Navigate to the menu again🧭 and click on purchase voucher configurations option under configurations⚙️ section.

This section provides access to various settings related to purchase transactions, including rate formula definitions🧾.

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1. Define the Rate Formula

• Locate to the other settings 1🧩 option to define rate formulas under the purchase settings.

• Identify and enter the additional expenses or cost components that should be included in the purchase rate calculation, like:

  • 🚛 Freight charges

  • 🧾 Taxes

  • 🔖 Discounts

• Construct the formula based on your business requirements🧠, ensuring it aligns with company pricing policies📋.

• ✅Save the changes after finalizing the formula to apply it across relevant transactions💾.

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1. Enable the Formula for Automatic Calculation

• After saving the purchase rate formula, ensure that the setting Calculate Purchase Rate Through Formula☑️ is enabled by marking the checkbox.

• Activating this setting allows the system to automatically compute purchase rates🧮 based on the predefined formula whenever a purchase entry is made.

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🛍️ Step 2: Using the Defined Rate Formula During Purchase Entry

• Once the configuration is complete, proceed to the purchase entry screen🧾.

• Enter the purchase details as required.

• The system will auto-calculate the purchase rate💡 based on the predefined formula, eliminating manual calculations.

• You can review the calculated rate before finalizing 🔍

• Ensures accuracy and compliance with company policies ✅.

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🌟 Benefits of Using Rate Formulas in Logic ERP

🎯 Accuracy & Efficiency

• No more manual math 🧮

• Fewer errors ❌

• Faster workflows ⏱️

📐 Standardized Pricing

• Keeps purchase pricing consistent 🔁by incorporating predefined expenses.

• Incorporates expenses like freight and taxes automatically 📦💰

🔄 Flexibility

• Allows businesses to define custom formulas that suit their operational needs🧩.

⏳ Timesaving

• Automates the rate calculation process💰.

• Speeds up transaction processing ⚡

• Focus more on decision-making, less on data entry 🧠.

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✅ Conclusion

By following these steps in Logic ERP, you can streamline your purchase rate calculations, reduce manual work. Implementing predefined rate formulas ensures a structured approach to procurement, helping businesses better control over pricing and cost strategies 💼📊.

We hope this tutorial helps you optimize your procurement workflow 🚀.

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