A pricelist is a grouping of prices. One / more selling prices can be allocated to a pricelist and multiple contracts can make use of a pricelist.
The pricelist name is used to easily recognise the pricelist to which a selling price and contract is allocated.
A system generated code is allocated to each pricelist created. This code can be overwritten with a unique code. This code will be used to uniquely identify pricelists created and is not used during billing validation, billing processing or updating your accounting system.