MRP Formula

YouTube: How to Auto Calculate MRP via Formula in Item Creation?

How to Auto Calculate MRP via Formula in Item Creation?

 In this tutorial, we will guide you through the process of automatically generating MRP while creating an item using a dynamic formula in Logic ERP. This feature eliminates manual calculations, ensuring accuracy and efficiency in pricing.

Accessing the Configuration Settings

• Navigate to the Setups/Setup Items and then click on "Setup Items Multiple Packs/Sizes".

• Click on the Configuration.

• Locate the option "MRP Formula" under the Configuration option-2 tab

As shown in the picture, click on "MRP Formula"

Creating a Custom MRP Formula

• Use the available fields to construct your MRP formula based on your business requirements.

• In this example, we have defined a formula where:

  • MRP = Sale Rate + 35% (Markup)

  • The ROUND function is used to round the MRP to the nearest whole number, ensuring consistency.

  • The zero in the function ensures that no decimal places are included in the final MRP value.

• Click Save to apply the formula.

Create the script exactly as explained and shown in the picture.

Testing the MRP Formula

• Create a new item and enter the sale rate.

• The MRP field does not require manual entry; it will be automatically generated based on the predefined formula.

• Save the item and re-open to verify the auto-calculated MRP.

This image illustrates that the MRP has been successfully generated using the MRP formula.

Key Benefits of Using an MRP Formula

• Eliminates Manual Calculations – Reduces errors and saves time.

• Ensures Pricing Accuracy – MRP is consistently calculated across all items.

• Improves Efficiency – Simplifies item creation and reduces manual intervention.

• Enhances Financial Records – Helps maintain accurate pricing data for inventory and reporting.

By leveraging the MRP formula feature in Logic ERP, businesses can optimize their pricing strategy, reduce manual effort, and enhance overall inventory management.