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      How to Set Up Pricing Versions

      The Pricing Versions feature simplifies the process of updating finance item amounts by allowing bulk updates based on user-defined criteria, without needing to create new finance items for every price change. This approach retains pricing history and provides a clear view of all finance item amounts across different versions.
      The feature also strengthens internal controls by enabling the setting of default pricing versions, which helps mitigate the risk of selecting incorrect finance item amounts. This ensures consistency and reduces errors in financial transactions. Additionally, default pricing versions can be configured at the Course or Unit Offer level, ensuring the correct fees are automatically applied during learner enrolment. This flexibility supports managing multiple fee versions simultaneously, enhancing both invoicing accuracy and overall operational efficiency.

      Required LRM Access: Owner

      How to Get Started with Pricing Versions

      To begin using the Pricing Versions feature, you must first set a default pricing version. Follow the steps below to set it up:

      1

      Navigate to the Finance Settings page
      1. Go to LRM > Finance > Settings (the General Settings page will be displayed by default).
      2. Scroll to find the Default Pricing Versions section.
        A default Base version will be selected automatically. The system will apply this version when creating invoices, ensuring consistent and accurate pricing across all finance items.

      To update the default pricing version:

      • Use the dropdown menu to select the appropriate version that matches your current requirements.
      • If the desired version is unavailable, set up a new pricing version by following the steps outlined in the next section on How to Manage Pricing Versions.

      How to Manage Pricing Versions (Bulk create pricing for all existing finance items)

      The Pricing Versions feature allows you to efficiently create new pricing versions for all existing finance items in bulk based on user-defined criteria. This guide covers the steps to add and manage pricing versions, including an overview of visible fields and which fields are editable for seamless updates.

      1

      Navigate to the Pricing Versions page
      1. Go to LRM > Finance > Pricing Versions
      2. By default, a base version of the pricing will already be set up
      3. To update the description of the base version:
        • Click the Edit button next to the existing version.
        • On the Edit Pricing Version screen, update the description as needed, then click Update.
      4. To create a new pricing version, continue to Step 2.

      2

      Add a Pricing Versions

      Users with the “Owner” access role can create a new pricing version, updating finance item amounts in bulk based on existing pricing and defined criteria.

      To add a new pricing version:

      1. Click Action > Add Pricing Version

      2. Enter a Description that clearly states the purpose of the new pricing version (e.g., “2025 Pricing”).
      3. Under the Set Pricing for New Version section:
        1. Select the Base Version, which serves as the starting point for calculating the new pricing.
        2. Choose a calculation method using the Adjust Pricing Using dropdown:
          • Percentage option:
            • Enter the Adjustment Amount (%)—the percentage increase applied to the base version.
            • Define how the price will be rounded using the Round Amount dropdown, and set the rounding precision with To The Nearest.
          • Absolute Amount option:
            • Enter the Adjustment Value, specifying the flat amount by which the pricing will increase.
      4. Click Save to finalise the new pricing version.

      Note: After a Pricing Version is created, only the Description field can be edited.

      Additionally, any new finance items added after a Pricing Version is created will not automatically inherit existing pricing versions. Users must manually set pricing for each version individually.

      3

      Edit Pricing Versions (Description only)
      1. To edit a pricing version, click the Edit icon under the Action column.
      2. The Edit Pricing Version drawer will expand.
      3. Update the description as needed and click Update to save the changes.

      By following these steps, you can easily manage and update finance items in bulk, ensuring that pricing adjustments are handled efficiently and accurately across all applicable items.

      How to Manage Pricing Versions ( For a single Finance Item amount)

      This guide provides the steps to update the pricing for a single finance item amount based on the existing pricing version.

      NOTE: Ensure the Pricing Version has been created beforehand

      Required Knowledge: Finance Items, Fee Types

      1

      Navigate to the Finance Items page
      1. Go to LRM > Finance > Settings.
      2. Click the Finance Items tab.

      2

      Edit Pricing for a Finance Item
      1. Use the search bar to locate the finance item by entering its Code or Line Item Description.
      2. In the Action column, select Edit Pricing next to the desired finance item.
      3. A list of existing Pricing Versions will display.
      4. Update the Unit Amount (Tax Excl) for the relevant pricing version.
      5. Click Update to save changes, or select Cancel or click outside the Edit Pricing drawer to return to the Finance Items table.

      3

      View Pricing for a Finance Item
      1. Follow Steps 1 – 3 from the Edit Pricing for a Finance Item above.
      2. Select Cancel or click outside the Edit Pricing drawer to return to the Finance Items table.

      By following these steps, you can easily manage and update finance items in bulk, ensuring that pricing adjustments are handled efficiently and accurately across all applicable items.

      How to Set Default Pricing Version against Course Offer / Unit Offer

      This guide explains how to set a Pricing Version as the default for Course Offers and Unit Offers, outlining its benefits and implications. By using default Pricing Versions with Course and Unit Offers, users gain greater control over pricing accuracy, enabling concurrent pricing versions while reducing the need for extra finance item versions. This approach minimises manual work and reduces error risk. If a default pricing version is not explicitly set, the system defaults to the “Default Pricing Version” under Finance Settings.

      Required Knowledge: Course Offer, Unit Offer

      1

      Navigate to the Offers page
      1. Go to LRM > Offers > Course Offers / Unit Offers.
      2. Search for a Course Offers / Unit Offers.
      3. Select the Course Offers Code / Unit Offers Code.
      4. For the Selected Course Offer, click on the Detail sidebar (For Unit Offer, the Detail sidebar opens by default)

      2

      Set Default Pricing Version for Selected Course Offer / Selected Unit Offer
      1. Under the Finance Section > click on the Edit.
      2. Under the Finance Item Pricing > click on the dropdown to select your Default Pricing > click Save
        • If you have not selected any default pricing, it will be defaulted to Default Pricing Version under the Finance Settings
        • If the Default Pricing Version you wish to select isn’t available, refer to the “Add a Pricing Version” section within this guide
      3. During the Course Enrolment or Unit Enrolment, the finance item pricing will be selected automatically based on your setting in the previous steps and Added to the Learner Finance Account