Cost markups - Supplier and Sub-Contractors

Apply a markup to supplier or sub contractor expenses. This will ensure the cost plus amount is charged to your client - making the invoice process a breeze. Supplier expenses would be project costs such as airfares, printing, accommodation costs, equipment hire. Sub contractor expenses would be carried out by a sub contractor for services that may form part of the project agreed fee, or would appear as a separate item on the invoice.   

Tip: Additional descriptions and markups can be created.

Set the markup rate

Where is it? Practice > Rates

  1. Double click the Supplier or Sub contractor description .
  2. Set the Markup rate.

  3. Save.

Example

The markup is required to set a profit on project related costs.  A sub contractor may provide you with a quote for $5,000. When the expense is allocated to the project, you will select the appropriate markup rate and the system will automatically recognise the markup is to be applied. So if the markup is 20% a $6,000 rate value will appear in the project financials and also transfer to the invoice.  

Create new markups

Where is it? Practice > Rates

Additional markups give you the flexibility to store multiple markup rates, so not having to set a specified markup rate on the project itself.  Markups can be entered with 2 decimal places. The descriptions could be something like Supplier markup 10%, Supplier markup 15.25%, Supplier markup 0% or by description of particular clients.  When entering an invoice expense, you will have the ability to set which markup should be applied to each line entry.

  1. Click New .
  2. Select Sub contractor markup or supplier markup .
  3. Type a description.
  4. Set a markup percentage.
  5. Save and close.

Tip: Learn more about Adding a markup on a project

More information

Tip: Learn more about how to Enter expenses.

Want to learn more?

Looking for more help? Try reviewing the following Practice topics: Concept Link IconView Topics

Or try reviewing the following Rates topics: Concept Link IconView Topics

 

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