How to Automatically Update Catalog Prices from Your Last Purchase

TABLE OF CONTENTS:

• Feature Overview
• Enabling the Auto-Update Price Based on the Latest Purchase Setting
• Key Logic and Scenarios
• FAQs

Feature Overview

When item prices frequently change, keeping your catalog accurate manually becomes time-consuming and error-prone.

The Auto-Update Price Based on the Latest Purchase feature helps you keep your catalog up to date without manual effort.

Once a Purchase Order or Invoice reaches the Approved status, Precoro checks if the item price in the document is different from the one in the catalog. If the document doesn’t go through the approval process, the price check happens when it reaches the Completed or Paid status.
If the price differs and the auto-update feature is enabled for the item, the catalog price is updated automatically.

Here’s how the feature improves your workflow:

• Removes the need for constant manual price checks
• Gives requesters the most accurate pricing
• Improves budget planning and forecasting
• Reduces mismatches between PRs, POs, and invoices

Enabling the Auto-Update Price Based on the Latest Purchase Setting

To allow automatic price update for a specific item:

1. In the Item Management module, open the Item Management page.
2. Click Edit next to the item in question.
3. Enable the Auto-Update Price Based on the Latest Purchase checkbox.
4. Click Save to confirm changes.
   
   

Alternatively, if you want to enable the setting for all or multiple items simultaneously:

1. Click the Update Items button on the Item Management page.
   
   
2. Select the category and supplier in question (optional).
3. Click the Download button.
   
   
4. Open the downloaded file. Set ‘Yes’ in the Auto-Update Price Based on the Latest Purchase column for all the items you want to update.
   
   
5. Save the file and upload it back to Precoro.
6. Click Submit to record the changes.
   
   

Key Logic and Scenarios

Precoro updates the item price in the catalog only if all of the following conditions are met:

• The Auto-Update Price Based on the Latest Purchase setting is enabled for the item.
• The item comes from the catalog and is added to a Purchase Order or Invoice.
• The price in the document is different from the current catalog price.
• The currency in the document matches the one in the catalog.
• The document has moved to one of the following statuses: Approved, Completed, or Paid.
• The document was created in Precoro, not imported.

• If a supplier is defined in the catalog, it must match the one in the document for the auto-update to work:

FAQs