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5247719909622897
Level 1

Markup account

is it possible to have multiple markup accounts in charts of accounts? For example 

If the company has Income Account from Service#1 

and has another income account from Service#2 

When we use  billable product/service of Service#1 , we want to assign  a mark-up amount to service #1 markup chart of account, not to have 1 mark-up account for Service1 & 2 together 

Thank you 

3 Comments 3
MaryLandT
QuickBooks Team

Markup account

I'm here to help you today about having multiple markup accounts, 5247719909622897.

 

In QuickBooks Online, you can set up multiple accounts to track your income. For the markup account, I recommend consulting your accountant since you want to set up another one to track billable items.

 

Your accountant will provide specific instructions to ensure you have accurate records on your books.

 

Meanwhile, I've added this article to help manage your expenses: Enter billable expenses.

 

Once you have recorded billable expenses, you can also record their payments. Check out these articles for your reference:

If there's anything else you need about setting up markup accounts, simply leave a comment below. I'll be right here to provide the information you need.

NMAJS
Level 1

Markup account

I have setup an expense account and an income account in the products and service.  The prior accountant set up a single markup account and I would like these markups to go the the income accounts set up in the individual product/service items.  Is this possible?

 

BettyJaneB
QuickBooks Team

Markup account

I hope you're doing great today, @NMAJS.

 

Yes, you can have the markups go to the income account that was used for your items in the system. I'd be pleased to walk you through how to accomplish this goal.

 

You'll need to set an income account on the Markup income account settings so that all markups will be tracked under the said account.

 

To do that:

  1. Click on the Gear icon at the top.
  2. Hit on Account and Settings.
  3. Press on Advanced.
  4. Refer to the Chart of Accounts section and hit on the pencil icon at the right.
  5. Select the income account that you'd like to use in the Markup income account section.
  6. Tap on Save

To give you more details on how the billable expenses and markups work in the system, please see this guide: Find out how to record billable expenses in QuickBooks Online Plus and Advanced.

 

You can always visit me here if you have any other concerns. Feel free to drop a reply below. Take care!

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