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Define or edit the reference price

What is the reference price?

The reference price is the value haddock uses to identify price increases and decreases.

By default, we calculate this price as the weighted average of the last 3 months, but you can also define it in three other ways, depending on what you choose.

Custom amount. Define the reference price you pay for that product yourself. We will notify you when there is a variation between the product's last price and the custom amount you added.

Last purchase price. haddock aligns the reference price with the price on the product's latest invoice.

Weighted average price. haddock calculates the average price obtained within the period you select.

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Edit a product's reference price

Click the product for which you want to define or edit the reference price

Click "edit" (in the "reference price" section)

Select which reference price you want to set:

Custom amount, for example, the price agreed with your supplier.

The price of the last purchase.

Weighted average price, which will calculate the average of the last 3 months (you can change this period).

Click "save"

Bulk edit the reference price

Select the products you want to edit from the product overview.

Select the Edit section that appears at the bottom of the screen.

Edit the selected products' reference price.

Click "save".

Practical case of weighted average price

We have a fruit shop with 1,000 🍋 in stock at a price of 0.5€ per 🍋. Imagine we also buy 500 🍋 at 0.6€ per 🍋. In total, we now have 1,500 🍋 in stock.

First, by multiplying the number of 🍋 by their purchase price (1,000 x 0.5€) and (500 x 0.6€), then adding everything together, we get 800€.

Now we must divide the total price of the 🍋 by the total quantity of 🍋 we have to obtain the weighted average price.

WAP = 800€ / 1,500 = 0.53€ per 🍋

In other words, each 🍋 will have a weighted average price of 0.53€.

Updated on: 23/04/2026

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