Polaris Business Solutions has partnered with Acumatica to create tailored functionality for the asphalt industry’s price index formulas. This feature enables users to integrate up-to-date price index data into their pricing strategies, establishing a standardized approach within Acumatica. These dynamic pricing adjustments are easily managed within the system, streamlining the quoting, invoicing, and revenue recognition processes.
Creating a Project Quote: The journey towards efficient pricing begins by creating a project quote within Acumatica:
- Select a Business Account: Users can choose a business account, including customer details such as contact information, location, address, and billing information.
- Base Index Selection: Users also specify the base index and relevant bid-related information.
Estimation Tab: Under the estimation tab, users provide additional details:
- Inventory Item: Select the inventory item relevant to the project.
- Quantity: Specify the quantity required.
- Unit Price: Define the unit price.
Project Approval: Once the quote is approved by the customer, users can seamlessly convert it into a project.
Reviewing the Project: Navigate to the projects screen to view all project-related information:
- Comprehensive Overview: Access project quote details, location, budget, billing settings, change orders, and equipment requirements.
- Revenue Budget: The revenue budget tab displays task-related information, including original budgeted amount and quantity, revised quantities, and amounts. Invoice amounts are automatically adjusted based on the price index.
Creating an Invoice: The next step is to create an invoice for the project’s products:
- Quantity Entry: Users enter the quantity of products to be billed.
- Integration with Scale System: Quantity updates are seamlessly integrated with a scale system.
Price Index Calculation: The pricing calculation takes into account various factors:
- Current Index: Based on the invoice date.
- Base Index: As specified during project setup.
- Percent Asphalt: Product-specific information.
- Index Adjustment: The calculation reveals any escalation or de-escalation, ensuring accurate invoicing.
For other content, click on any of the links below!
Whitepaper on Invoicing for the Asphalt Price Index
Projects in Acumatica – Video Link