Markup on billable expenses

I can help you set up the correct income account in QuickBooks Online, @bgoon.

Firstly, you must delete the existing invoice to successfully correct its income account. To do so, here's how:

1. Go to Sales menu located from the left  navigational panel, then select Invoices. 
2. Find the specific invoice.
3. Under the Action column, click the dropdown button, then Delete.
   
   

Once you've turned on your Make expenses and items billable from your Expense tab, your Chart of accounts will automatically set up as Billable Expense Income. If you want to change this, you can go to your Accounts and settings, then select your preferred account to ensure your invoices will go to its correct account. Please follow the steps below to complete this process:

1. Go to the Gear icon, then Accounts and settings. 
2. Navigate to the Advanced menu, then Chart of accounts section.
3. Click the pencil icon, then from the Markup income account select the appropriate account. 
4. Hit Save and Done.
   
   

Afterward, recreate the deleted invoice and make sure to add the billable expense from the Suggested transaction. To confirm if the invoice is located at the right account, you can check it from your Chart of accounts. Here are the steps you can follow:

1. Go to the Gear icon, then Chart of accounts. 
2. Find the accounts, then Run report. 
3. Verify if the invoice transaction you've created is there.
   
   

You can also refer to this article if you want to view all bill payment voucher in QuickBooks: Show all items on the Bill Payment voucher.

Feel free to get back to this post if you have other concerns about markup billable expenses in QuickBooks. I'll be around to help you anytime.

Thanks but I want the markup to go to different income accounts as setup in the COGS account settings. Is that not possible?

It's good to see you here again, @bgoon. I'll show you how to change the Markup income account setup based on your COGS.

The Markup income account depends on what you set up from the Account and Settings tab.

For the QuickBooks system to follow the setup in your COGS, you'll need to change the Markup Income account. Here's how: 

1. Click the Gear icon and select Account and Settings.
2. Click the Advanced tab.
3. Scroll down and click the Chart of Accounts.
4. After that, click the dropdown icon of the Markup income account. Then, select the account that you set up in your COA COGS.
5. Once finished, click Save and Done. 

I'll also add this article to help you match your real-life bank and QuickBooks statements: Learn the reconcile workflow in QuickBooks. 

The Community family is always here to answer your queries about setting up your bills and income accounts in COA. Just leave a comment below, and we'll respond once notified. Thank you, and have a good day.

I want the markup to go to multiple accounts. For example- the markup on film to go to film income, the markup on print to go to print income. I setup these income accounts on the chart of accounts settings for each COGS account. See the attached picture of where I set it up on the account settings. 

Thank you for returning to this conversation and sharing the screenshots, bgoon. I understand you'd like the markup for different services tied to their respective income accounts. I'll take this opportunity to provide you with details about this matter.

Currently, QuickBooks Online (QBO) doesn't support allocating markup to multiple accounts when marking an expense as billable. We appreciate your insight and encourage you to submit feedback to our product engineering team, as your input is valuable for future improvements.

To submit your feedback, please follow these steps:

1. Go to the Gear icon and choose Feedback.
   
   
2. Enter your comments/suggestions about the subtotal feature.
3. Click Next to submit.
   
   

As a workaround, since one income account can be used for markup, you can use a journal entry to transfer the amounts from the default markup account to another income account. However, I recommend consulting your accountant for further guidance.

Furthermore, you can utilize this article when personalizing your sales form. It provides further tips about handling templates: Customize invoices, estimates, and sales receipts.

Once again, I want to express my sincere appreciation for your valuable input and for bringing this matter to our attention. Your feedback is instrumental in helping us enhance QBO to serve the needs of your business. If you have further questions or concerns about markup allocation for different services, please don't hesitate to reach out. Our support team is always here to assist you in maximizing the capabilities of QuickBooks Online for your business.