In most cases, when you invoice your clients, you will invoice them for the expenses incurred at the cost rate. However, in some cases, you might want to add a markup on top of the expenses, for example, to cover the costs of processing them. Our latest expense markup feature handles this for you.
This is a quite significant change, so if you use this feature often, we strongly recommend reading the information below.
Major Changes to Consider
To add markups to expenses, you need to set a markup percentage on the client record. It is not possible to control expense markup on individual expense items, expense categories, or placements. They can only be set at the client level. To set the markup for a client, go to System > Clients from the left-hand menu, then edit the client record by clicking on it and selecting Edit Client. Next, click on the Invoicing Options tab. The Expenses Markup % field can be found at the bottom of this section.
Setting the expense markup % will not impact expense reports, as the markup is only applied during invoicing. Create your invoices using your standard procedures, making sure to include expenses. If a markup is applied, you will see the markup icon.
Once the invoice is generated, you can identify line items with a markup applied as they will have an * symbol next to the line price value. If you hover over the line item, a message will appear stating the amount applied to the original value.
Be Part of Future Developments
At Timesheet Portal, we are always looking for ways to give our clients as much value as we can. All of our updates and changes begin with you. Therefore, if you have any complaints, suggestions or would just like to provide feedback - we are waiting to hear from you.