Product % markup
Forstech
Member Posts: 1
Is it possible to add a % markup button on products & services in both estimates & invoices when Adding a line?
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No @Forstech, you can't create markups or discounts by %s in Wave. You'll have to calculate those by hand and either add a new item for the markup, or just adjust your item prices.
I think this would be a great feature that would also give you better reports on your profit. As it is the system works great for supplying services but lacks this in the item sales department.
Hi, @JP_Koekemoer.
I'd love to hear more about what you would use a feature like this one for. How would it help your specific business?
Hi, @Alexia.
I have a small IT support company and I frequently purchase and resell computer and network equipment. I have different markup percentages for differt products. I would like a field where I can put in the cost of an item and the markup % to give me my selling price. Also, that info can then be used to get a report on the profit of certain or all stock items by using filters.
At the moment I only have the option to enter the selling price. With various suppliers selling the same item at different prices, it becomes difficult keeping track of which one I used particularly when giving out estimates based on stock that I have not yet purchased or booked into my system.
I hope this makes some sense.
It does make sense, @JP_Koekemoer! Thank you for the feedback!
I know this isn't exactly what your asking for, but my recommendation, given that we do not have such a feature would be to treat the item you buy and the one you sell as different products. That way, you can set a different price for the product you buy and the one you sell. It won't work in solving the stimates issue, but it still might smoothen the process a bit.
I would love to see this feature as well. Buying products from a vendor and then adding my markup as opposed to creating two separate products for the same item
Thanks for chipping in, @Aimtjie!
Another vote for a product markup feature. We often purchase supplies (reimbursable materials/expenses) for specific projects, and add a slight markup for our time/effort to obtain these supplies. For a lot of reasons we don't want to show this markup as a separate item on invoices. I'm just getting started with Wave and haven't even begun entering or tracking expenses yet, but I can see that our reimbursable materials and reimbursable expenses probably won't balance because we're adding a manual/arbitrary markup. If there were a product markup that could be applied directly to the product on a case by case basis, yet tracked separately "under the hood" so it's reflected in reporting but not in invoices, that would be ideal.
Thanks for the feedback, @HandymanHeadlee!
I don't know if you've seen this already, I thought it might help. We do offer a workflow to handle reimbursable expenses on the Help Centre. You can find it here. I would change the name of the income account suggested to be "Markup on reimbursable expenses" or something along those lines. After handling the refund part for that income, all that will remain in the account is the markup, which you'd be able to track separately this way.
Alternatively, you could use a journal entry to move the remainder of the balance in the "Reimbursable expenses" income account to a "Markup" income account with journal transactions after the refunds for those incomes are recorded.
Thanks, @Alexia! I had seen that article, and I mostly understand it
I keep reading through it trying to make sense of the bits that are going over my head. We are still transitioning to Wave and as I mentioned we haven't even entered any expenses yet, so I'm hoping the workflow you suggested will be more clear to me when I actually enter some reimbursable expenses. If nothing else, I'm comfortable doing journal entries and can use that as a workaround if needed. But still hoping Wave will consider the markup feature to make this type of transaction simpler. Thanks for your help!
Hi, @HandymanHeadlee.
If you want to just try stuff and see if it works without risk to your actual business, consider creating a second business in Wave as a test account! It's so useful to have a sandbox account to play in when you get started.
@Alexia It's been almost a year since this forum was posted, is there progress on the product markup feature? It'd really help our pricing/quoting process as we sell marked up hardware. I currently have to have a separate excel sheet that has both cost of sale and selling price to be able to track how much I am making per project. Currently Wave only shows me what the business is making as Gross and Net Margin, we'd really love to be able to register a product once, with both it's BP and SP, so that we can instantly tell how much we're making when crafting an estimate. We'd love to be able to set different markup %s per line item as well when crafting an estimate and get the overall margin percentage for the quote.
Hey @MKK. Our Sales Service team is currently exploring, re-evaluating our invoicing & other features listed under the Sales section. While I can't say for sure is this particular feature is going to be placed on an immediate roadmap at the moment, I can say that it will be discussed for their planning and consideration. I appreciate the time you've taken to give us the feedback we need to consider features such as these.
@JamieD thanks Jamie
I would also like to know any progress on this.
Just like @JP_Koekemoer , I am a small IT firm.
It's not easy to buy and resell things with Wave. I have to make a bill for the purchase amount, mark it payed, and then make a new product/service with the item at the marked up price to add to an invoice.
Hey @mahout, as mentioned in the last thread I tagged you on, the primary focus for our Sales Service team will be Customer Statements and Discounts for the rest of the calendar year. We still don't have an ETA as to when this will be added to a roadmap for future implementation.
Hi @HandymanHeadlee did you ever find a solution to this? I hope this might help. Manager.io has a guide (https://www.manager.io/guides/6935) to setting up billable time, materials, expenses and markup in a number of nominal codes in COA. If you search their guides on setting up a small business it gives an overview of the COA splits... markup would become an income that is pure profit.
@FireHorse I haven't found a solution through Wave other than doing a manual markup on each invoice and splitting the payments between a reimbursable materials line item and a misc income (markup) line item. Generally it's only a few dollars per invoice so most of the time I don't even bother. I just keep an eye open for any large discrepancies between the related income and expense line items. An automated way to do this would make my accounting heart happy
Thanks for the link to the manager.io guide...I will check into it!
@HandymanHeadlee thanks for the feedback.
I'd also like to see this feature. I am a copywriter, but I'm often asked to make purchases (business cards or apparel for example) for my clients. I charge them the credit card fee that Wave charges me and it would be much easier to add this as a markup. Originally, I had created this as a mark up in the tax section, but I was told not to do this by my accountant.
Hey @abask
Thanks for the additional context as to how your business would benefit with this feature. We always love hearing how and why a business would benefit from a feature idea. Hope you have a great weekend!
I would also like to see a mark-up feature. As a builder, I add a mark up of 10% on materials I purchase for client's projects. On the invoice this mark up needs to remain hidden from my clients, but behind the scenes I need to be able to seperate this 10% mark up for tax purposes as it becomes 'income', not 'reimbursable income' (from materials expenses). Although I am really happy with everything else in the wave app, I am considering an alternative accounting app as lack of this function is causing difficulty for tax purposes.
Hey @SCOTTM and welcome to Wave's Community Forum. Thanks for leaving us with a detailed account of why you need the percent mark up feature and how it effects your business specifically. I can understand the need for it, and in the spirit of transparency, I wanted to let you know that it is currently not on our roadmap, however, this does get revisited periodically. With the details that you and others have left us in this thread, it does allow for the Wave Product Team to look through and assess the impact that this feature may have on all of our users, so I do thank you for that.
Hey @JordanD
thanks so much for all the greatness you and the team have put into this platform! it's great to have discovered Wave and I'm super excited to get working with it,
I'm also here to find out more information about this markup feature. It seems like a pretty standard feature of a fair amount of businesses so I am surprised to not find it on such an extensively developed platform like yours. Are there any plans in place to get the team onto this in the next while?
It would be amazing to have it!
Agreed with the sentiment here. After using various CRMs and invoicing systems over the years, it's surprising to me to see the ability to add products without:
SKU
Cost
Markup/Price
I'm new to Wave and love the interface and simplicity of it, but there are a few features that could be added to make it awesome.