For each Product, you may set up to 5 Price Levels, organized by Region & Location, which can then be assigned to specific Customers (if you don't assign a Customer a price level, it will default their order products to Price Level 1).
That way, if your company initiates a price change on a product, you can first go into Resources >> Products and update one or more of the pricing levels listed on a product, and then you can use the powerful Open Order Price Update tool to do an update across the board. **CAUTION! This tool is used to enact mass, system-wide updates. Use with care.**
Essentially, this tool tells all Orders marked as an "Open Order" (set this when adding or editing an order. See Creating and Managing Orders) to match their product prices to those listed in the five stored price levels (depending on who the customer on the order is and which level they've been assigned - usually it's level 1, the default). If you go into the Open Order Price Update tool and choose a particular customer, the update will only affect open orders attached to that customer. If you do not choose a customer, the changes will apply to all Open Orders in the particular location you chose, across all the customers.
OPEN ORDER EXAMPLE:
Let's say you have a customer called Bob's Construction, and they are a five-year loyal customer who wants pea gravel, and you'd like to give them a discount for their loyalty. If pea gravel's original price (Price Level 1) is $10, but the Special VIP Customer Price is $8.50, you would go into Resources >> Products and click on Pea Gravel and edit the pricing levels by Region and Location. You would leave Price Level 1 as $10, but you would choose another price level, say 3, and make it $8.50. Then, under to Resources >> Customers, you may edit Bob's Construction to set them at Price Level 3 if you want them to get that special price all the time. Any new orders you make for them will have pea gravel set at Price Level 3 - $8.50.
Now, perhaps six months down the road, the special price for all "VIP customers" has increased a little, to $9. In this case, you would go into Products and edit the price levels for pea gravel to make Price Level 3 reflect $9.
Then, to apply the change to orders already established, you can use the Open Order Price Update tool to do one of two things:
NON-OPEN ORDER EXAMPLE:
But if you negotiated a particular quote for one job for Bob's Construction, and then turned that quote into an Order and then did not check Open Order, it's totally unaffected by changes made via that Open Order Price Update tool because that feature can only apply preset price levels to Open Orders. You can think of the order as being no longer open to mass price level changes via the Open Order Price Update tool. The price you set in the order would be static.