Setting up product/services markups

I'm here to help track your markups in QuickBooks Online (QBO), ld-kore.

QBO will automatically set a default account once your turn on markups. If you need to use other income account, you can create a new one. 

Let me show you how:

1. Go to Settings ⚙ and select Chart of Accounts.
2. Click New to create a new account.
3. From the Account Type ▼ drop-down, choose an account type.
4. From the Detail Type ▼ drop-down, select the detail type that best fits the transactions you want to track. 
5. Enter a name, like Markup.
6. You can add a description.
7. When you're done, select Save and Close.

You can then assign the newly added account. Here's how:

1. Go to Settings ⚙, then Accounts and Settings.
2. Proceed to the Advanced tab.
3. Click Chart of Accounts, then select the account from the Markup income account drop-down list.
   
4. Click Save, then Done.

Once all set, you can start entering billable expenses to incur customers with markups.

Upon sharing this solution, I still suggest consulting your accountant. They can provide specific instructions if you need to use a different account to track markups.

Don't forget to click the Reply button below if there's anything else you need about this. Just tag my name, and I'll get back to you.

Thank you for that information! It was very helpful. Since the Markup % was not set up at the beginning of 2021, is there a way for me to record any/all markup income retroactively? 

Thanks for getting back to us, @ld-kore.

Since the Markup % are haven't set up, you'll need to delete and recreate the billable invoices. This way, you get the new total of your invoices. 

Before doing so, make sure to take note of the details before you delete the transaction. Let me show you how.

If you haven't created a billable expense, here's how:

1. Click the +New icon. 
2. Choose Expense.
3. Add the Payee's name.
4. Select a category and enter the amount.
5. Check the Billable box and add the customer's name.
6. Enter the needed details.
7. Click Save and close.

Once done, recreate the invoice add the billable expense.

1. Click the +New icon then select Invoice.
2. Enter the necessary details.
3. Click the little arrow on the upper-right hand corner.
4. Select Add on the billable expenses.
5. Click Save.

For more details, check out these articles:

• How to enter billable expenses
• Create invoices in QuickBooks Online

Also, I'm adding this article that will guide you on how to manage your expenses and track billable time by job in QuickBooks Online: 

• Enter and manage expenses in QuickBooks Online.
• How to enter billable time by job

If you have any questions about markups or any other QuickBooks topic, let me know by clicking the Reply button below. I'm here to provide further assistance whenever you needed one. 

Thank you for the information. However, I was really hoping that there was an easier, less time consuming way to achieve my goal. It's not a practical solution, there really should be a better way then deleting and recreating 30+ invoices. Especially since most of them are already paid. There is too great a risk of error with what you are suggesting.

QBO is absolutely ridiculous for not resolving this lol. Elementary. I just went through another post about this dating back to 2017. All the moderators suggest giving feedback on the platform so I have taken their advice to heart. I now spam their feedback department a few times a day for this issue. I suggest everyone here does the same. 

It seams to me that Quickbooks would just make everything so much simpler if they added one line on an invoice for markup, instead of adding a markup line after every single item. Also, currently Quickbooks does not offer a way to add a mark up on labor, which, I could be wrong, but in our construction company, we mark up ALL costs, including labor. So currently, quickbooks on line simply has way to many incapabilities to work for construction companies. I don't understand why QBO complicated things so much. 1 line item for markup at the bottom of an invoice, instead of a line after every item, without the capability of marking up labor. Sure, you can add the total markup in a bill or expense, but its not actually a bill or expense, and doing this in this manner, throws of all other income and expenses, and created a bill/expense that is actually a markup cost, not a bill or expense. I am finding that QBO simply has way to many insufficiencies. I much much more prefer my system. I didn't need all the work arounds, and figure out how to add this to the invoice and how to fix this and that. QBO, if you are going to charge outrageous amounts of cash every month from thousands of people, please ensure your system works as advertised first!! Beyond disappointed.......

Hi there, rolinda.

We understand your need for this functionality and would love to hear your thoughts. I encourage you to add your vote for this one by sending a feature request in the Feedback section within QuickBooks. Our product development team reviews all the feedback we receive to ensure we’re meeting the needs of our customers. 

Here's how to submit feedback: 

1. Click the Gear icon at the top, then select Feedback.
2. Enter your comments or product suggestions.
3. Then select Next to submit feedback.

We have other articles to guide you in navigating around the program and helping you complete your tasks. Check them out from the Help Articles page. 

I'm still open to your replies. If you have other concerns (account issues or product-related questions), don't hesitate to include them. Have a great day ahead!