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Standard and Custom Price Books

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Introduction

When you create products in Salesforce, you add a standard selling price to each one using price books. These keep track of the company’s products and their prices. You can add products and prices to the standard price book, or you can create custom ones. 

Terminology

Price Book Fields

FIELD DESCRIPTION
Active Whether you can add the price book to an opportunity or quote
Created By The name of the user who created the price book, including the date and time of creation
Description The text that distinguishes this price book from others
Is Standard Price Book Whether the price book is the standard price book. A read-only checkbox
Last Modified By The name of the user who last saved the record, including the date and time of the most recent save to the record
Price Book Name The price book’s title

Price Book Entry Fields

FIELD DESCRIPTION
Active Whether the price book entry (product and list price) is active and can be added to an opportunity or quote
Created By The name of the user who created the price book entry, including the date and time of creation
Currency This field is available only in orgs with multiple currencies enabled. It represents the currency to use for the price book entry (product and list price)
Last Modified By The name of the user who last saved the price book entry record
List Price The price of the product within the price book, including currency
Price Book The price book that contains the price for this entry
Product The product’s name
Product Code
The internal code or product number that’s used to identify the product
Standard Price The standard price for the product. This field is derived and doesn’t exist on the underlying PricebookEntry standard object
Use Standard Price Whether the price book entry inherits its price from the standard price book

Price Books

A price book is a list of products and their prices to track the prices of products and services that your company offers to customers.

  • The standard price book is the master list of all your products and their default standard prices. Salesforce creates the standard price book when you start creating product records. It includes all your products and their standard prices regardless of any custom price books that include those products.
  • A custom price book is a separate list of products with custom prices, called list prices. Custom price books are ideal for offering products at different prices to different market segments, regions, or other subsets of your customers. Create a separate price book for each set of customers that you want to address. For example, if you have one set of prices for domestic customers and another for international customers, create a domestic price book and an international one.

Price Book Entry

A price book entry is a product with its price as listed in a price book. Each price book entry specifies a currency for the price.

  • Standard price book entries are the default (standard) prices for the products and services in the standard price book. When you create a product record, Salesforce creates a standard price book entry. You can mark the standard price book entry as active or inactive, depending, for example, on whether you intend to start selling the product right away.
  • Custom price book entries are the custom (list) prices for the products and services in your custom price books. Custom price book entries can be created only for products with active standard price book entries.
  • In Lightning Experience, Product detail pages display the Standard Price related list and the Price Books related list as a single Price Books related list.
  • If you customize the Price Book Entry detail page layout, no field dependencies exist for price book entry fields in the user interface. If the Use Standard Price checkbox is removed from the page layout, and this checkbox is selected for a price book entry, you can’t edit the list price. The List Price field is disabled and can’t be enabled on this page.

Custom Price Books 

Create custom price books for each market segment that your sales reps sell to. Then add products to each price book with the prices that you offer each market segment. For example, if you sell to domestic and international customers at different prices, you can create two custom price books: a domestic one and an international one.

Creating Standard Price Books

  • Create a new product 
  • Click the related tab 
  • In the pricebooks section, click add standard price 
  • In the list price field enter the price of the product that company wants to sell
  • In the currency picklist, select the related currency to product

Product Details

Creating Custom Price Books

When the pricing categories are different for an account and when the standard price book will not work then we need a custom pricebook to sell the product with different prices. 

  • On the App Launcher, select Price Books 
  • Click new and enter the details of custom pricebook like name, description and active
    • Select Active to allow sales reps to begin adding the price book or its entries to opportunities or quotes.
  • Click the related tab and in the products section add products to pricebooks 
  • After selecting the product enter the list price and save

Creating an order with products and price books

  • Click the Order tab
  • Select Account Name, Order start date and other required fields then save  
  • In the Order Products section, click Add Products
  • For the Price Book, select one of the available price books. You can only add the products related to the selected price book. 
  • Select the product and quantity 

After selecting the product and adding the quantity requested, the unit price will populate automatically from the chosen price book.

Important Notes regarding products and price books

  • You can delete products from custom price books without affecting the original product listing or its entries in other price books. When you delete a product from the standard price book, the product is still available and active, but its standard price is deleted and removed from all custom price books. If you delete the product from the standard price book, and it’s still associated with any custom price books, click OK to remove it from all custom price books. 
  • You can add products, quote line items, or order products from a single price book only. To include a product on an opportunity, quote, or order, choose a price book that contains the product. The last price book that you used on an opportunity or quote is selected by default. To select a different price book, click Choose Price Book in the Products related list on an opportunity or the Quote Line Items related list on a quote. The Choose Price Book appears when you have access to more than one price book. If you have access to more than one price book and the option isn’t visible, ask your administrator to add it to your page layout.
  • You cannot use the products in orders until you have a price book added to products related list
  • Each order must be associated with only one price book, so you can only add the products from the pricebook that is selected on the order
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