In this tutorial, we will show you how to set up your Default Selling Formula also known as the Buy It Now Formula that determines the selling price of your item. We will be setting it up for profit based on a percentage of the supplier cost. 


Once logged into Sku Grid, Navigate to Settings...Marketplaces... eBay...US or UK. Scroll down to the area that says Calculating eBay's Selling Price. You will see a blue button that says Switch to Wizard View and below that will be your Buy It Now Formula -- it's a very long formula. Most people will not want to manually type out a formula as it's very easy to make human error. It is always best to work from within the formula wizard. 


Click the Switch to Wizard View button. Start by filling in the variables that you know. Vendor Tax is the amount that you would like factored in to your prices in the event that your supplier charges sales tax and you want to be able to cover it instead of taking a loss. Depending on the suppliers that you use, you may or may not want to factor in Vendor Tax as some stores only charge sales tax in a minimal amount of states. But if you do want to factor Vendor Tax into your formula, enter a number here.  


Most sales tax ranges from 5-10%. In this example, we will enter 8. Keep in mind, using this example, if we enter 8 but when we purchase an item from the supplier and based on the buyer's address, the sales tax is actually 9%, it will cut into our profits or you may end up taking a loss if you are not factoring in enough vendor tax. Remember vendor tax is calculated based on supplier cost and not your selling price.Next, we will go down and enter our Fees. There is an option for Paypal Fees %. Most sellers pay 2.9% for paypal fees. Some sellers have a higher rate. Enter your Paypal Fee percentage here.Next, is Paypal Fees $. This is the transaction fee for Paypal. For most people it is 30 cents. Type 0.30 here. The next option for fees is Selling Other Fees. This is where you put your eBay Fee Percentage.  For those who do not have an eBay Store, your eBay Fees are 10%.  For those with an eBay Store, the fees are 9%. Enter 9 or 10 here depending on your situation. 


Remember your fees are calculated based on your selling price and not supplier price. Now that the fees are taken care of, we can go and work on our profit margins. We're going to be working withing the Margin % Field and Minimum Margin $ fields to set a Profit Margin. For Margin %, enter the amount of profit you would like to take home after your fees are taken care of. Remember, that your profit margin % is calculated based on supplier price. For example, if you were listing an item that cost $100 at the supplier and you wanted to receive a 10% profit after fees, you'd be expecting to receive a profit of $10. Enter your desired profit margin percentage here. Minimum Margin should also be filled out.  


Your minimum margin is the least amount of money you would like to receive as profit should a cheap item sell or an item's price drops too low. Still considering the $100 supplier item example, if you had your margin % set at 10, then you'd be expecting a $10 profit...however, if you listed an item that was $10 at the supplier, 10% of that item would yield a $1.00 profit. So this is where your minimum margin would kick in to slide the selling price of your item up to give you the minimum acceptable profit. Enter your desired minimum profit margin here. Now that you've filled out everything that is necessary to create your default selling formula, you can click on Estimate Price. Enter in an example supplier cost (we'll use 100 for easy math). Click OK. Sku Grid will then show you what it would price the item to using the formula that you just created. Click OK again to close that pop up. Once satisfied with your formula, click the Close Button to close the Wizard.