# Setting Up & Updating Prices

**Accessing the Price List**

1. **Locate the Price List**: From the main dashboard of the TFX Biz-Flow Sell Module, find and click on the 'Price List' tab on the sidebar.
2. **View Current Pricing**: Upon entry, you will be presented with a list of your products or services, along with their current prices, discounts, and other relevant details.

<figure><img src="https://1189595053-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FqE82XboXfbiEqBNnpfRh%2Fuploads%2Fa29NDxPMjJcNnrgjyG0W%2FScreenshot%202024-01-23%20at%2011.05.52%E2%80%AFAM.png?alt=media&#x26;token=b1e44c33-066d-4c44-ba5d-e16bcb38df3f" alt=""><figcaption><p>Setting up/updating Prices</p></figcaption></figure>

**Setting Up and Updating Prices**

1. **Initial Price Setup**: When new products are added to the Product Master File, their selling prices are also established during the product creation process.
2. **Designated Authority**: To ensure pricing integrity, only authorized personnel should have the ability to adjust prices. Assign this role within the User Permission Module.
3. **Price Updates**: To modify a product's selling price:
   * Click on the "Update Price/Cost" button next to the relevant product.
   * Enter the new price in the designated field.
   * Submit the update for review and approval by the designated authority.

**Updating Unit Costs**

1. **Review Unit Costs**: Within the Price List, each product's unit cost is also displayed, critical for understanding profit margins.
2. **Trading Companies**: For businesses that purchase traded products, the application will automatically update the product costs based on the latest purchase data.
3. **Manufacturing Companies**: If you are manufacturing products, update the unit cost manually to reflect production costs accurately.

<figure><img src="https://1189595053-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FqE82XboXfbiEqBNnpfRh%2Fuploads%2FKaMXGIuuQjBBYF1eh3KA%2FScreenshot%202024-01-23%20at%2011.03.26%E2%80%AFAM.png?alt=media&#x26;token=cdea72e9-733c-436f-8bff-b3dab4452a53" alt=""><figcaption><p>Approval Tab</p></figcaption></figure>

**Submitting and Approving Changes**

1. **Submit Changes**: After entering the new price or cost, submit the data for approval to ensure that all changes are reviewed and verified.
2. **Approval Process**: Once the update is approved, the new pricing will automatically be updated across the Product and Inventory Modules.

**Best Practices**

* **Regular Review**: Conduct regular reviews of your pricing to stay competitive and profitable.
* **Market Analysis**: Align your pricing strategy with market research and customer feedback.
* **Transparent Communication**: Notify your customers of any price changes, especially if you have long-standing contracts or agreements.

Efficient Price List management is essential for maintaining the financial health of your business. By following these steps within the TFX Biz-Flow Sell Module, you can ensure that your pricing strategies are both competitive and profitable, adapting swiftly to the changing dynamics of the marketplace.

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