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Administrator Guide
Last Updated: 2024-03-08
Create Fair Value Price Lists

Create Fair Value Price Lists

  • Security: These domains in the Customer Contracts and Project Billing functional areas:
    • Set Up: Customer Contracts - Price Lists
    • Process: Revenue - Allocations
You can create fair value price lists to associate with your customer contracts. When you add sales items included in the fair value price list to the customer contract, Workday populates the fair values on the line.
You can configure fair value price lists by:
  • Currency
  • Contract Effective Date
  • Sales Item
  • Sales Item Group
  • Worktags
  1. Access the
    Maintain Fair Value Price List
     report.
  2. Click
    Add
    .
  3. As you complete the task, consider:
    Option Description
    Worktag Type
    Select worktag types that you want to associate with each item on the fair value price list.
    Sales Item and Sales Item Group
    Workday uses the sales item and then the sales item group to determine the fair value amount to use.
    Bundle
    Specify the amount and percent configurations for the sales item bundle.
    Workday displays the
    Bundle
     column on the
    Percent
     tab when you select a sales item that's included in a bundle.
    As you configure the bundle, consider:
    • Sales Item Bundle has Fixed Quantities: Select this check box to use fixed quantities for the sales items in the bundle. When you enable this option, you can't update the quantity per bundle, list unit price, or list extended amount in the bundle pop-up on the customer contract.
    • Percent of: Choose whether the percentage calculation applies to the bundle or sales item price.
    • Price Type: Choose whether the percentage calculation applies to the list or net item price on the contract line.
    Related Sales Items
    You can link 1 sales item to another and calculate the fair value pricing based on the relationship.
    Fair Value Price Method
    Select a fair value price method for a sales item or sales item group.
    When you select the
    Boundary
     method:
    • For amount, you must also specify a
      Lower Range Amount
       and an
      Upper Range Amount
      .
    • For percent, you must also specify a
      Lower Range Percentage
       and an
      Upper Range Percentage
      .
    When you select the
    Discount and Premium
     method (applies only to percent), you must also specify either or both:
    • A
      Lower Range Percentage
      .
    • An
      Upper Range Percentage
      .
    Percent or Amount
    The fair value price list can consist of percentage and amount values.
    • Percent: Enter a percentage to apply to the list or net item price on the contract line.
    • Amount: Enter an amount.
    Worktags
    Select a worktag for each worktag type that you selected at the header.
You can associate the fair value price list with customer contracts when you select the
Multiple-Element Revenue Allocation
 check box on the contract.
Add a fair value price list to companies using the
Set Up Revenue Allocation Configuration
 task.