T&M users with pricing enabled can add markup percentages to their labor, equipment, and material costs. Markups can be used to add new charges and cost adjustments to a T&M Form. Our Markup feature can be applied individually to each form, or set with default values on the project level to automatically apply onto all subsequent forms. This guide will provide insight on how to add markups on individual forms and set default markups on the project level.
Labor, Equipment, and Material Markups
When filling out T&M Forms, users will see fields to apply markups for the Labor, Equipment, and Materials sections. Each section will have its own set of markups so users can apply markups individually. The total cost is calculated by by the labor total calculated in the bottom right field in the list view.
You can categorize your markups into six different types, each with their own fields to enter percentages:
Overhead
Profit
Taxes
Fees
Insurance
Bond
For example, if an employee has 2 hours of Standard Time at a rate of $10.00 per hour, the labor total is $20.00. If the overhead markup is set to 25%, the overhead cost is $5, adjusting the total labor cost to $25.
Setting Default Markups
Users can also activate default markups on the project level for their T&M Forms. By setting markups on the project level, all subsequent T&M Forms will have the inputted values automatically applied when each form is initially created. The default values can be set for labor, equipment, and/or material markups.
To set default markups:
Click on Configurations under Project Settings in the Main Menu.
Select your project in the right rail, and click apply.
Check off the box next to "Add Markup to T&M" to turn on default markups.
Check off the box next to Labor, Equipment, and/or Materials. This will activate default markups for the respective section.
Enter the markup percentage value.
Click Save at the bottom of the page.
You can always find more information on T&M Forms here on our Support Center.