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! 👇
⚙️ Step 1: Configuring the Rate Formula in Logic ERP
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🧾.
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💾.
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.
🛍️ 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 ✅.
🌟 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 🧠.
✅ 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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