With a rounding scheme, you can round up prices set by EDI or a reference margin calculation to a common set of prices or price endings, such as .49 and .99. To do this, you define a rounding scheme with rounding price points. Each original price is rounded up to the next largest rounding price point. 

Example: If you have rounding points of  3.49 and 3.99, a price of 3.75 would be automatically rounded up to 3.99.

For prices that are greater than the largest rounding point, additional points are automatically calculated based on the difference between the two largest rounding points.

Example: If your last rounding points were 5.49 and 5.99—a difference of 0.50—subsequent rounding points can be created by adding increments of 0.50 to the last rounding point creating these points: 5.99 + .50 = 6.49, 5.99 + (2 x 0.50) = 6.99, and so on.

In addition to the rounding points, you can set a Retail Mod % that will increase a price by a specified percentage before rounding. 

Example: Assume you have a Retail Mod % of 1 percent (%) and price points of 5.00 and 5.50. For a starting retail price of  5.00, the Retail Mod % will first apply a 1 % increase  of 5 cents: 5.00 + 0.05 = 5.05. Then the rounding process would increase the price to 5.50. Without the 1% increase, the price would have remained at 5.00.

Price points (rounding) and the Retail Mod % (if set) are automatically applied when EDI updates an item in these scenarios:

  • New stock on hand  is received
  • The supplier changed the price
  • The retail cost changed

Note:  You can also apply price points to an item when you manually receive a purchase order, as long as you set a reference margin first.  Learn more:  How to set up the reference margin feature for a manual purchase order

Example of a rounding scheme: If you want prices under $5 to end in either .49, .79, .99, and prices greater than $5 to end in .99, you would specify these rounding points.

Rounding points Rounding for prices under $5 Rounding for prices between $5 and $5.99 Rounding for prices of $6.00 or more
.49, .79, .99,
1.49, 1.79, 1.99,
2.49, 2.79, 2.99,
3.49, 3.79, 3.99,
4.49, 4.79, 4.99,
5.99

Prices round up to the next largest rounding point.

Examples:

$0.37 rounds up to $0.49

$1.05 rounds up to $1.49

$3.50 rounds up to $3.79

Prices between $5.00 and $5.99 round up to the next largest pricing point of $5.99.

Example:

$5.43 rounds up to $5.99

For prices of $6.00 and more, additional rounding points are calculated based on the interval between the last two rounding points—4.99 and 5.99. In this case, the difference is $1, so additional rounding points are created in $1 increments: $6.99, $7.99, $8.99, and so on.

Examples:

$6.03 rounds up to $6.99

$10.44 rounds up to $10.99

 

  1. On the File menu, click Setup.
  2. Click the Rounding tab.
  3. In the Rounding pane, in the Scheme Name box, enter the name for the scheme.
  4. Click Add. The name of the scheme will be added to the rounding list.
  5. In the list of rounding schemes, highlight your new scheme name.
  6. To add rounding points:
    1. In the blank unnamed box on the right above the Add button, enter a rounding point, and then click Add. The rounding point will appear in the rounding point list.
    2. Repeat this step a. for each rounding point.
  7. If you want to apply a percentage increase to the price prior to applying rounding points, in the Retail Mode % box, enter a percentage value without the percent sign. For example, enter the number 1 to apply a 1% increase.
  8. Click Save, and then click Close.

To update the prices in the rounding scheme, the item must be set up to be received through a manual purchase order or through EDI processing.

Learn more

How to apply a rounding scheme to an inventory item

How to set up a rounding scheme for a supplier

If you have questions or suggestions about this information, contact support@paladinpos.com.

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Printed on: 1/24/21