Increase Your Bottom Line and Profitably Manage Your Inventory with The Edge
WHAT IT IS
The Edge now offers spot pricing for metals such as gold, silver, platinum, and palladium.
WHAT IT DOES
If you are a store that specializes in selling items such as custom chains, then spot metal pricing is a handy tool to have. It is designed to help you calculate prices both accurately and efficiently, with a link right to Kitco for the most up-to-date metal pricings, ensuring you are not under selling, or over selling, to your valued customers.
HOW IT WORKS
To Ensure Your Edge is Set-Up for Spot Metal Pricing: System Options
There are 3 System Options affecting the Spot Metal Pricing feature:
Prompt for Spot Metal Price When Selling: When a spot-priced metal is sold, this indicates
whether you want The Edge to automatically prompt you for the current metal price at POS.
Prompt for Spot Metal Time Out: Only applicable if Prompt for Spot Metal Price When Selling set to True, this defines a timeout period in minutes. If the spot price has not been updated in this timeframe it will prompt. Set to 0 to prompt every time an item is sold.
Spot Metal Pricing Website: The address for the metal pricing source to be shown in item records and at POS. The default is http://www.kitco.com/market/
The Edge is preloaded with a list of default metal types.
To add, view, or edit additional metals:
Click Administrative → Lists. This will display the List of Lists window.
Check Show System Lists at the bottom.
Select SpotMetals from the list and Edit it. A list of current spot metals will appear.
From here, you can use Delete Item to delete an unwanted metal, Edit Item to edit an existing one, or Add Item to create a new one.
NOTE: When adding, you will need to specify both a short value (abbreviation) and long value (spelled out).
Each metal needs to be mapped to a Metal Type and assigned a Metal Value. For example, 10k karat gold has a purity of approximately 41 percent gold. The Edge will load default values for you.
To add or change mapping:
Click Administrative → Metals Setup. The Metal Mapping Setup window will appear.
Store Metal Value: The name of the metal in your store as defined in the SpotMetals list.
Metal Type: The type of metal to map to; these are hardcoded and cannot be changed.
Options include Gold, Silver, Platinum, and Palladium.
Metal Value: The purity value of the metal.
Each Store Metal must be mapped to a Metal Type and assigned a purity. You can edit existing mappings, add new with the + Metal Mapping button, or remove mappings with the Red X button.
This must be done manually, but can be done quickly and will update all relevant item pricing instantly.
Click Inventory → Metal Prices. The Metal Pricing window will appear.
Each metal will be listed with the last entered price. To update a price, simply enter the new price next to the type of metal and click OK.
NOTE: The calculator provided here allows you to calculate prices for reference purposes
only. This information is not stored anywhere.
Prior to using this tool, it is important to make sure your item pricing is up to date for the
most accurate calculations.
EXPAND YOUR EDGE EDUCATION
Now that you know how to set up Spot Metal Pricing in your Edge, click below to learn how to Create a Pricing Category, Add a Pricing Item, Calculate a Formula for Pricing, and more. You can also visit EdgeUser.com and search for Spot Metal Pricing. You’ll find more tools and features at EdgeUser.com that will help you use The Edge more effectively and efficiently, too.