A price list is a list of prices defined for a set of items. Each price list is applicable to a particular customer or a group of customers for a particular duration. A pricing organization can define different price lists for customers based on various criteria. For example a pricing organization can create a price list that is applicable to regular business customers and another price list that is applicable to only a few special business customers so that the prices for the special customers are less than that for the regular customers.

One price list can inherit the items and price information from another price list. When a price list has one or more dependent price lists inheriting the price information from it that price list is called a master price list. For example if an organization has three divisions to cater to customers in three different regions the organization can create one master price list where the prices of all the items are defined and three dependent price lists which inherit the items and price information from the master price list. A pricing organization user can either increase or decrease the prices that the dependent price list inherits from a master price list by a percentage.

A pricing organization can create multiple price lists to offer different prices to different customers. When a customer buys some items the price of these items is calculated based on the price lists assigned to that customer.

The price list management process involves the following steps:

1. Creating a price list.
2. Adding items to the price list.
3. Adjusting the prices in the price list.
4. Assigning the price list to customers.

While a pricing organization user can only create or modify a price list add items to a price list or adjust the prices in a price list an enterprise user can only assign a price list to customers.