The Price Level function in QuickBooks allows you to set prices for all your inventory and expense items. Sometimes, however, you may want to mark up items above their normal prices. QuickBooks users can mark up all the items of one type on an invoice or mark up select items only.
Mark Up All Expenses
To mark up items on an invoice by expense type, follow these steps:
- Navigate to the Customer menu and click on "Create Invoices."
- From the drop-down menu, select "Customer: Job." Click on "Add Time/Costs."
- On the Choose Billable Time and Costs window, navigate to the Expense tab and choose the item expense that you want to mark up.
- In the Markup Amount or % field, choose how much you want to mark up the item. For example, you could write "2" if you want to mark up the item by $2 or "2%" if you want to mark up the item by 2 percent.
- Indicate the revenue account you want to use to track the income in the Markup Account field.
- Click "Save."
If you don't want the markup amount to show on the invoice, check the "Print selected time and costs as one invoice item" box before you print.
Mark Up Individual Expenses
If you don't want to mark up all the expense items on an invoice, you can manually change the price for select items on the invoice. To do this, leave the Markup Amount field blank and change the amount of items in the Amount column on the invoice. If you do this, however, QuickBooks will recognize the markup as an additional expense rather than a business profit.