What are Products and Price Books?

Tracking what you sell shouldn't be a complicated process. Products and Price Books are great for businesses that offer multiple items or services and sell them at varying prices.

  • Plans

  • Definitions

  • How do Products and Price Books work?

  • Use cases

  • Important Details

  • Learn more

Plans

Products and Price Books are available on Enterprise plans.

Definitions

Products - Products are the goods and services sold by your business. Users can create a Product record for every item or service their business offers and assign it a price.

Price Books - Price Books organize your Products into an itemized list. Price Books are used when building a Quote. Once the Quote’s Price book is set, the user will be able to add Products to the Quote based on what’s available in the Price Book.

Quotes - Use Quotes to give Prospects detailed, itemized summaries of your fees. Quotes are essential to clearly communicating with your customers and closing the deal.

How do Products and Price Books work?

Products and Price Books are used to keep a record of the prices of your goods and services. Your Standard Price Book lists the prices that each of your Products are normally sold at.

All of your Products are automatically added to your Standard Price Book when they are created, which records the default cost of each listing. You can add a Product to any custom Price Books and adjust the prices as needed.

You can setup multiple Price Books to reflect discounts or Product availability. For example, if you have Products that cannot be sold in a specific region, you could create a Price Book that omits those Products.

Once your Price Book has been created, you can start adding Products. You can also create new Price Books by cloning Price Books you've already created.

Related tab - Product

Admins can select which fields will appear on the Related tab using Page Layouts. The Product record's Related tab can contain the following fields:

  • The number of Price Books this Product appears in

  • Add to Price Book

  • Add Price Book Prices

  • Grid list of Price Books associated with this Product

    • Price Book Name (Hyperlinked)

    • List Price

    • Use Standard Price checkbox

    • Active checkbox

  • Grid list of Quotes associated with this Product

    • Quote Name (Hyperlinked)

    • Opportunity Name (Hyperlinked)

    • Subtotal

    • Total Price

    • Expiration Date

  • Grid list of Opportunities associated with this Product

    • Opportunity Name (Hyperlinked)

    • Organization (Hyperlinked)

    • Opportunity Value

    • Forecast Close Date

Related tab - Price Book

Admins can select which fields will appear on the Related tab using Page Layouts. By default, the Price Book record’s Related tab can contain the following fields:

  • Number of Products in this Price Book

  • Edit Prices

  • Add Products

  • Grid list of Products associated with this Price Book

    • Product Name (Hyperlinked)

    • Product Code

    • List Price

    • Active checkbox

  • Grid list containing Field History

    • Changed Date

    • User

    • Changed Values

    • Application

    • Operation

Use cases

  • Say you wanted to expand your business to other countries. You can offer a discount to customers located in different regions as an incentive to gain their business.

  • Create Price Books with different currencies for different regions. By doing this, you can present a Quote to a customer that reflects the standard currency in their country. For example, one Australian Price Book, one Canadian Price Book, and one Japanese Price Book.

  • If you have sales reps who consistently offer discounts or sell below cost, use a Price Book to set a standard price for all Products and prevent users from sending Quotes with discounts without manager approval.

Important Details

  • You can only set one currency per Price Book. You cannot edit the currency once it has been selected. However, you can use different currencies with other Price Books.

  • Price Books can be edited, but they cannot be deleted once they are associated with a Quote or an Opportunity.

  • You can edit Products, but you cannot delete them if they are associated with an Opportunity or a Quote.

Learn more

Read these articles to learn more about Products and Price Books:

How to enable Products, Price Books, and Quotations

How to create a Product

How to create a Price Book

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