Automatically calculate markup
We (like many other repair shops) use a standard markup strategy and pricing chart. It would be awesome to have an option in inventory to use a set markup rate, or use a pre-selected markup option.
By this, I mean you could have a few price ranges with corresponding markup rates, like: Parts that cost $1-$25 have a 100% markup, parts $26-50 are 60%, $51-100 is 30%, and $100+ are 20%. The other option (if not global like previously mentioned) would be item #65484 has an auto-markup of 25%, or alternatively $15.
This would take almost all of the work out of techs having to calculate markup, sometimes incorrectly.
Keep wishing @Patrick
Patrick T Presto commented
So this has been under review since 2014 ... I feel like this would be an easy option to add and save tons of time. Even if it was not as robust as the OP describes it would be better than having to manually calculate retail price for each inventory item.
I was just adding this to feedback when I saw this in the side panel. Please make this a thing. It'll stop me having to open the calculator and copy/paste half a dozen times for non-stocked items.
Ola Fristedt commented
Please make this happen!
YES! Go and tell 'em @UberMac! 50 months and counting! Talk<Action.
Also @Troy bby plz, this is on my short list ;)
UberMac Headquarters commented
Hey Repairshopr. 41 votes and a 4 year old "Under Review" situation. I too want this feature. We are paying customers, can we get an answer to this please? This seems to be an easy implementation. Helllllo?
Rob, Smart Service Solutions commented
This is taking a long time to review... any update on this?
I just redirected like 5 duplicate requests for this to this topic :)
Seby Bell commented
I was just getting ready to make a suggestion that the 'markup' percentage field on the 'add inventory' screen would allow us to enter our desired markup percentage and automatically fill the Retail Price field
Keith Page commented
Out of vote, but also would like auto markups. POs are always changing costs but retail price doesn't move with it.
CCW Technology commented
Any updates on this... seems like it's been 'under review' for a while now.
Paul Schwegler commented
I would love to see an automatic markup like described above calculated when I put a number into the cost field in tickets, estimates, and invoices. this would be very helpful
Jarred Casselton commented
Great idea, we current have to run costs through a google sheet.... What a pain
I think you misunderstood. I was talking about doing this for manual line items, not inventory items. This way, when a technician is adding a random part to an invoice, it would automatically tell them what the markup price should be based on the cost.
As far as inventory items, we add the appropriate Mark up and decide the price while adding those.
Coby Poluk commented
Export your inventory to a CSV file. Filter the list by your cost to get the price ranges you want for each mark up amount. <5 or >5 <10 or whatever you want. Then create a formula to multiply your cost by whatever you want your markup to be (20% = multiply by 1.2). Do that for each price range you want for each markup amount. Then remove all filters and copy paste your retail price list into wordpad to remove the formula in the background then copy/paste it back to your retail price list in CSV. Repairshopr wont recognize the $ amount if it has the formula in the background. Import back into repair shopr and there you go.
Coby Poluk commented
I would also like to see this feature.
@ Ryan - I'm just another bulb on the tree :)
Great topic guys! To add to the logic, there should be a rule created...
...stating that a product can't be discounted past it's cost or another set variable like 10% above cost. This would be really awesome for employee, family perks, and other discount groups.
As RS matures into grouping inventory and services into subcategories, abilities to mark up categories and subcategories by different percentages is sure to follow.
Computer Hardware - standard 10% markup
Computer Accessories - Standard 200% markup
Each inventory item/service could be manually overridden if needed.
Overall, this could be an insanely awesome addition to RS.
Wow - I love this!
First off, this other post is somewhat related, so I'm hoping these 2 topics can be resolved together: http://feedback.repairshopr.com/forums/165658-general/suggestions/5824045-calculate-margin-and-markup-on-inventory-items
I'm literally right in the middle of typing up a big 'markup/margin' email about what to charge on certain items, and different rates for different products. This topic is now my #1 most anticipated upgrade.
So easy: You add a field in the product item details for "Default markup value". It can be either a flat dollar amount, or a percentage. Then, we can set our own values we want automatically populated when adding line items, instead of a 'global' default that works sometimes.
Think about it: A tech goes to add a refurbished laptop we are special ordering (inventory item name: LAPTOP). We always do a few services on refurb laptops before we sell them, so the tech would enter a cost of, lets say $225, and RS would use the 'default markup value' specified in that specific line item, lets say $60. Then, it automatically inserts the retail price, in this case $285.
Certain items, like services for example, would simply no use that field. It would be the best for non-inventory products, like a laptop battery. We usually charge $49 for a laptop battery, which is generally around $20-30 in profit. Sometimes, we make upwards of $35 in profit (that's 225% markup), but other times the part might cost $45, and in that case we almost give it away. It would be so much better to just say it has a default markup of cost+50%.
EVEN BETTER: If you could have a conditional rule, where it does $___ or ___%, whichever is greater OR less. For instance, we'd make our LCD screens have a markup of $30 or 25%, whichever is LESS. And for SSDs, we'd make the rate $25 or 10%, whichever is GREATER. This would be genius and immeasurably helpful!
This is a HUGE time saver, helps avoid accidental incorrect price quotes, and most important, makes the day-to-day pricing IDIOT-PROOF. Dooooooooooo Ittttttttttttttttt! Do it! Do it! Do it!
@Chuck - The genius tho...
Phil Forster commented
Yeah it would make life so much quicker and easier if we could enter the the cost and then our markup and have it calculate the the total which it would automatically add it in the Price retail.
takes so long otherwise
Also same/similar option in Estimates, sometimes you want to quote a special price to land a contract etc and rather than manually recalculating each individually.
Or alternatively, have an option to turn an estimate into a Bundle were I believe you can set a certain price that it recalculates the stock to