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Resetting Current Prices for Supplier Resources

Supplier resource prices are date-sensitive: effective and expiry dates are associated with each price. The system updates the current price on a supplier resource whenever a price is created, modified, or destroyed; when a price is activated or the current price is inactivated; and when a new price becomes effective. The current price is based on the price’s effective period (effective and expiry dates) and is determined as follows:

•	Prices must have an “active’ status to be considered for the current price.

•	Prices that come from open contracts (contracts that are not expired, cancelled, or unapproved) are considered first. If there is only one currently effective contract price, this price is used.

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If there is no contract price available or multiple contract prices are available, the system considers the effective period of the prices. If there is a price with a current effective period (effective date is today or in the past, expiry date is today or in the future), this price is used as the current price for the supplier resource.

•	If there are multiple currently effective prices, the one with the latest effective date is used. If the effective dates are the same, the price with the latest expiry date is selected.

•	If the effective periods of the prices are the same, the lowest price is selected.

•	If there are no currently effective prices, the future price with the earlier effective date is used. If the effective dates are the same, the future price with the latest expiry date is selected.

•	If there are no current or future prices, the expired price with the latest expiry date is used.

•	If the only available price is a “non-open” contract price, it is used. If there are multiple non-open contract prices, the same logic is used as above: effective periods, future prices, and finally expired prices.

Note: Only regular and contract prices are considered for use as the supplier resource’s current price. Special prices are not considered.

As one price expires it is typically replaced by a new price. This affects the following information:

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The resource's preferred supplier: When the resource’s current preferred supplier price expires, the system replaces it with the new preferred supplier and price. The system uses the supplier selection rules (for the site or resource) to identify the preferred supplier and it’s current price. If a new preferred supplier does not exist, the resource’s preferred supplier information is cleared.

•	Current price for a supplier resource: Each supplier resource has a reference to a “current price”. When the current price expires, the system changes this reference to the replacement price.

•	Consignment inventory value: When a new consignment price goes into effect the value of any existing consignment inventory is updated to reflect the supplier’s new prices.

In order to update your supplier resources and prices, you must use the site method Evaluate Supplier Prices. Your system administrator will need to use the Scheduled Actions view (on Enterprise) to schedule the method to run once a day. This will ensure that your supplier resources and prices are always up to date.

You can also run the method manually from the site’s Tools menu.

This topic explains how to run this method manually. To schedule the Evaluate Supplier Prices method, see Creating a Scheduled Action.

To Evaluate Supplier Prices Now

•	From the site, select the Tools menu, Procurement Management, and then Evaluate Supplier Prices. The system reviews each supplier resource and price and makes any required changes to the current price.