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In this video, we are going to show you how to add a custom override formula to selected items in your sku grid account. There are times when you want to apply a new formula just to certain items in your account but not others. Please follow this guide to assist you in that process.
Once you are logged into sku grid, from the my items page, put a check mark next to the items that you wish to apply a new override formula to.
Then click on Multi Item Actions.
Then click Add Formula.
The formula wizard will pop up. Here you can define your new formula by entering values into the wizard fields. You have all of the same options available that you normally do when creating a formula.
Vendor Tax % is the amount you wish to account for in your pricing for possible sales tax. Most states range from 5-9%. Enter a value here or enter 0 if you do not wish to add in vendor tax.
Margin % is the amount of profit that you want to take home after all fees, supplier cost, and vendor tax. This is your desired profit margin. Enter a value here or enter 0 if you do not wish to use a margin % and used fixed margins instead.
Fixed Margin $ In addition to Percent is your desired profit amount in addition to the margin % above that you wish to bring home after all fees, supplier costs and vendor tax are accounted for. Enter a value here or enter 0 if you do not want to add a fixed margin.
Minimum Margin $ is the minimum amount of profit you want to receive in dollar amounts. This is helpful when using Margin % if the supplier price drops, it will ensure that you make at least this minimum amount. Enter a value here or enter 0 if you do not want to use a minimum margin. Note: If you are setting up formulas in dollar amounts instead of percentages, you will be filling in fixed and minimum margin and they should be the same while you leave margin % blank. If you're setting up margins in percentages, then typically you fill in margin % and minimum margin $, leaving fixed margin $ blank.
Paypal/Amazon Fees % is the rate of your paypal fees if you're an eBay seller or Amazon Fees if you're an Amazon seller. Paypal Fees are typically 2.9%, but your rate may vary depending on your circumstances and country. Amazon fees are typically 15%. Enter a value here or enter 0 if you do not want to have a markup for fees.
Paypal/Amazon Fees $ are for paypal or Amazon transaction fees. Paypal typically charges $0.30 as a transaction fee. Enter a value here or enter 0 if you do not want a transaction fee markup.
Selling/Other Fees % can be used for your eBay fees or any other markup that you wish to be applied calculated on top of your selling price. eBay fees are typically 9 or 10 percent depending on if you have an eBay store or not. If you have a store, your fees are 9% and if you do not have a store, your fees are 10%. Enter a value here or enter 0 to not account for selling or other fees.
Next, select Yes or No to Include Supplier Shipping in Calculations. If shipping is known and this is set to Yes, then sku grid can add in the shipping cost into the prices of your selected items. If the store uses calculated shipping that is not known until you add an item to cart and go through checkout, then sku grid cannot see it. You would then have to factor that into both your fixed and minimum margin values.
Convert to different currency is used for those selling internationally and need currency conversion.
Once you're done, click Set Formula. You will see that a long written formula populates in the formula box and you will receive a pop up that says Using $100.00 as input price, your formula calculated selling price to be X amount of dollars, is that correct ? If the formula appears to be estimating properly, then click Ok. If it does not, you can click Cancel and adjust your numbers to try the process again.
Once you've clicked OK, the override formula would be applied to the selected items. It would be a good idea to now force reprice the selected items to cause the items to be checked and repriced with the new override formula.
If you prefer to manually type in a written or complex formula, the process would be the same, but instead of entering values into the formula wizard, you can do so by clicking the Enter formula directly button.
You will receive a new pop up and can enter a formula directly here for example (vendor_price+vendor_shipping)*1.40 would produce a formula that is a 40% total markup on supplier price and shipping. This is for advanced users who know how to construct formulas properly. If you have questions about how to construct a formula, please feel free to submit a support ticket.
Once you're done entering a written formula click Set Formula. You will see a box that pops up that says Using $100.00 as input price, your formula calculated selling price to be X amount of dollars, is that correct ?