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Level 2

Markup percentage on Products

Is there a way  to set a markup percentage on items you sell? Currently I have a separate excel file where I have to plug in the cost price of each item and then I have a formula that tells me what the sales price is if I want to sell it at a 40% markup before tax.  

Solved
Best answer April 30, 2019

Best Answers
Highlighted
Moderator

Markup percentage on Products

Hello @NeuroManager,

 

As of the moment, we can only enter the cost of the item and the sales price when setting up an inventory item.

 

In the meantime, what you have practiced is the best option to set this up.

 

I suggest sending the same message to our developer team by feedback. This way, they'll know of the things need to be added and improve the product preference which will help you and other users about the inventory set up. Simply go to the Gear icon then select Feedback.

 

Let me know if you have any other questions by clicking the Reply button. I'll be always around to help.

View solution in original post

Highlighted
Level 2

Markup percentage on Products

When will this feature be introduced. I have no idea why it would be on desktop and then removed from the online version.  This is one of the most basic features of invoicing especially for companies that dont bill time but create items for customers and need to know their cost and profit.

 

This has been asked of customers for years and Intuit seems uninterested.

 

Very disappointed!

View solution in original post

16 Comments 16
Highlighted
Moderator

Markup percentage on Products

Hello @NeuroManager,

 

As of the moment, we can only enter the cost of the item and the sales price when setting up an inventory item.

 

In the meantime, what you have practiced is the best option to set this up.

 

I suggest sending the same message to our developer team by feedback. This way, they'll know of the things need to be added and improve the product preference which will help you and other users about the inventory set up. Simply go to the Gear icon then select Feedback.

 

Let me know if you have any other questions by clicking the Reply button. I'll be always around to help.

View solution in original post

Highlighted
Level 2

Markup percentage on Products

Thanks

Highlighted
Moderator

Markup percentage on Products

You're welcome NeuroManager!

 

Please know that I'm always around here in the Community if you have any other questions. Have a great day! 

Highlighted
Level 2

Markup percentage on Products

I think the customers need a straight answer as to whether this option is on the table to be added? It makes no sense to have a more expensive platform that lacks basic business functions of the desktop version. 

 

Is this going to be fixed?

 

 

Highlighted
Level 2

Markup percentage on Products

I feel that we as customers should be told if this feature is going to be added to the online version.  I dont understand why this would not be included as its a huge component of daily business to know what your profit margin is when creating an estimate.  

 

It makes no sense to have a more expensive platform without the original features that customers use.  I tried to send feedback via the gear icon and it wouldnt let me.

 

From a very frustrated customer.

Highlighted
QuickBooks Team

Markup percentage on Products

Hello there, @leighann1.

 

Whether you need to track expenses, run payroll, or pay and file your taxes, you can count on QuickBooks to make all of these tasks easier. Allow me to share some additional information on how QuickBooks Online handles markup percentage on product and service items.

 

Currently, the markup feature in QuickBooks Online is used only with billable expenses on the vendor side.  So when you have billable time or expenses and you decided to pass it on to your customers - you’re able to set a markup when you invoice the customer.

 

 

On the other hand, you can check out the bundle feature of QuickBooks Online. This allows you to add mark ups to the products and service you offered to your clients. The big plus in there is that you can include bundles in creating your estimates.

M1.jpg Here's how:

  1. Click the Gear Icon.
  2. Go to Products and Services.
  3. Click New.
  4. Choose Bundle.
  5. Enter the name of the bundle.
  6. Add the product and/or service included in the bundle.
  7. Also, add the mark up.
  8. Click Save and Close.

That should do it!  Keep us posted here in the Community if you have other questions about managing your product and service lists. I'd be happy to answer all your inquiries.

Highlighted
Level 2

Markup percentage on Products

Where is the markup feature that I see on the screenshots you posted?

 

Also, is that feature unavailable on the Expense side? So when products are purchased from a vendor at wholesale and then resold from our office to customers is there no way to have that markup button?

Highlighted
Moderator

Markup percentage on Products

Hello there, NeuroManager.

 

I appreciate you for joining this thread. 

 

Are you referring to the first screenshot above? If so, the markup option is only available when you create a Bill. As mentioned by my colleague, if you wish to pass the billable time or expense to a customer, you can use the markup you created and apply to an invoice.

 

While the mark up option in QuickBooks Online can only be use with billable expense on the vendor side, you can check out the QuickBooks Blog for product updates and new features available.

 

Should you have additional questions, feel free to let me know. I'd be delighted to help.

Highlighted
Level 2

Markup percentage on Products

When will this feature be introduced. I have no idea why it would be on desktop and then removed from the online version.  This is one of the most basic features of invoicing especially for companies that dont bill time but create items for customers and need to know their cost and profit.

 

This has been asked of customers for years and Intuit seems uninterested.

 

Very disappointed!

View solution in original post

Highlighted
Level 1

Markup percentage on Products

As I read thru this thread, it sounds like there IS a way on the desktop version to do this?  Can someone explain how?  Am I correct in understanding that on the desktop version there is a way to enter a formula using an inventory item's cost for QB to calculate the price?

Thanks,

J

Highlighted
Moderator

Markup percentage on Products

Thank you for chiming in the thread, @JenMontana13.

 

In QuickBooks Desktop, the markup percentages on products can be viewed on the description of sales transactions. If you want to edit the markup percentage of the item, just go to the Lists menu and select Item List.

 

 

 

Then look for the inventory item and click it twice. This will route you to the Inventory Part details. Just click the Edit Markup tab and enter all the necessary information for the markup.

 

 

Also, the Price Level function in QuickBooks Desktop allows you to set prices for all your inventory and expense items. However, this is only available to QuickBooks Desktop Enterprise customers.  

 

To mark up items on an invoice by expense type, you can perform these steps:

 

  1. Navigate to the Customer menu and click on Create Invoices.
  2. From the drop-down menu, select Customer:Job
  3. Click the Add Time/Costs tab.
  4. On the Choose Billable Time and Costs window, go to the Expense tab and choose the item expense that you want to mark up. 
  5. In the Markup Amount or % field, choose how much you want to mark up for the item.
  6. Indicate the income account you want to use to track the revenue in the Markup Account field.
  7. Once done, click Save.

Please let me know if you have other questions. I'll be here to help. Have a good one.

Highlighted
Level 1

Markup percentage on Products

Thanks!  

 

I'll try this next.  I don't recall seeing an option in the inventory item for edit markup.  I'll check it out!

Level 2

Markup percentage on Products

so I have the opposit issue - I have an inventory item that shows a macrk up when I add it to an estimate - I need to remove it - I cannot find a mark up anywhere? perhaps the feature was added somewhere I'm not aware of

Highlighted
Level 2

Markup percentage on Products

I have two inventory items that somehow have a mark up on them and I want to remove it - I went to item list but I don't have a mark up button? help?

Highlighted
QuickBooks Team

Markup percentage on Products

Hi there, nicolatopus.

 

Currently, the Mark up button in the Item list page is only available in QuickBooks Enterprise.

 

To remove the mark up option from the estimate page, you'll need to uncheck the Markup box through Customize Data Layout.


Here's how:

 

1. From the Estimate page, click the formatting tab.
2. Choose Customize Data Layout.
3. Select the Columns button.
4. In the Screen section, uncheck the Markup box.
5. Click the OK button.

 

MARK UP.PNG

 

Please check this article to learn how to compute for the average cost and know which report will help with inventory management: Understand Inventory Assets and COGS tracking.

 

Please know that you're always welcome to post if you have any other concerns. Wishing you and your business continued success.

Highlighted
Level 2

Markup percentage on Products

I never thanked you. Found it and it's done.

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