Products, Price Books & Schedules Flashcards
What are Products?
Products are the individual items or services that you sell to customers through your opportunities and quotes.
You can create a product and associate it with a price in a price book. Each product can exist in many different price books with many different prices.
The Products related list of an opportunity detail page and the Quote Line Items related list of a quote detail page list the products for that record. Use this related list to associate a price book with the opportunity or quote, add or edit products, and, for opportunities, establish or edit product schedules.
What are Price Books?
A price book is a list of products and their associated prices. Each product and its price is called a price book entry.
Salesforce provides two types of price books—standard and custom.
The standard price book is a master list of all products with their associated default or standard prices. It automatically lists all products and standard prices regardless of the custom price books that also contain them.
A custom price book is a list of products with their custom or list prices, making them ideal for offering different prices to different market segments. Custom price books can contain discounted list prices or list prices that are higher than the standard price.
For example, let’s say you want one set of prices for domestic orders and another for international orders. Your products and their standard prices are automatically listed in the standard price book. In this case, you can create two additional custom price books—an international price book and a domestic one—to suit the different markets.
What are Price Book Entries?
A price book entry is a price that’s defined for a product and price book. Salesforce provides two types of price book entries—standard and custom. Standard price book entries represent the default or standard prices for the products and services that are sold. Custom price book entries represent the custom or list prices for the products and services that are sold. A custom price book entry can be created in a custom price book only if an active standard price book entry exists for that product or service in the standard price book.
What are Schedules?
Schedules determine the payment and delivery cycles for a product. After you’ve established pricing for your products, you can establish default schedules on a product, as well as schedules for individual line items (opportunity products) on an opportunity.
Default schedules are suitable if all your customers make product payments on the same timetable or you deliver products on a regular schedule. However, if your users typically customize schedules, there’s no advantage to creating default schedules.
Your administrator determines which types of schedules your organization can use: quantity schedules, revenue schedules, or both. Your administrator also specifies which types of schedules can be established for each separate product.
What is a Quantity Schedule
Pay all at once
Receive product in increments
e.g. an annual magazine subscription for a monthly-issued magazine. Outlines the dates, number of units, and number of installments for payments, shipping, or other use as determined by your organization.
What is a Revenue Schedule
Regular payments
Receive the product all at once
e.g. if you sell customized products that are charged in installments, but delivered at one time. Outlines the dates, revenue amounts, and number of installments for payments, recognizing revenue, or other use.
What is a Revenue and Quantity Schedule
Receive product in increments
Regular payments
e.g. a monthly product subscription that’s paid for on a monthly basis.
