Price lists can be thought of as categories for your contacts, where each of your contacts can be on a single price list to determine how much they will pay for a product
Price list items act as a connection between a Price List (the pricing category for a contact) and the product. Price list items are what you create in RAMCO to determine what someone on a given price list will pay for a product. Most organizations will have two Price Lists, which also means that ever product in such an organization will have two price list items: one for each price list
All Products are linked to a Price List Item that stores the cost of the Product
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