Is there anyone out there who can help me record income based on product/service markups? I have been chatting with online support on this subject for over a week now. I know about going to the Settings/Expenses and filling in the markup %, but I would to know what income account it is going to. Does QuickBooks Online have a default income account or do I need to set one up? And if I need to set one up, how do I do that?
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:
You can then assign the newly added account. Here's how:
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:
Once done, recreate the invoice add the billable expense.
For more details, check out these articles:
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:
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.