Item Window - Pricing Info Tab
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The second tab on the Item Window is the Pricing Information Tab. Here detailed pricing information is displayed for this Item. These values are calculated based on the information that you enter on each Component.
Type: This column lists the six possible Types of Components that may have been entered for an Item. The Total fields at the bottom of the window show total amounts for each of the Cost, Profit, Estimated Price, Sales Tax, and Total columns. These amounts are the totals for all of the Components that make up the price of the Item.
Cost: This column shows the estimated cost for each Component Type before any markup or taxes are applied.
Profit: The Profit column shows how much markup is to be added to the cost for each Type. This value is based on the markup or discount percentage entered for Components of that Type.
Estimated Price: This column shows the anticipated selling price to the client for each Type. This price is calculated as the sum of the cost and the profit columns.
Sales Tax: The Sales Tax column displays the amount of tax added for each Type based on whether the Components are taxable, and the appropriate tax percentage of the Sales Tax Code entered on the Project Window – Project Tab.
Total: This column shows the estimated total price, including markup and sales tax, that will be charged to the client for each Type.
Budget: This field will automatically populate when using the Extended Budget field from the Item Window - Item Tab and vice versa. In this field you may enter the amount budgeted for the Item. For example, if a client does not want to spend more than $5000.00 on a carpet, you can enter 5000.00 into this field. Alternatively, the original Estimated Price of the Item can be entered for future comparison in case the calculated value is going to change due to cost changes or other factors. The Budget Analysis Report will allow you to monitor the Budget versus the Estimated and Actual Prices of the Item. This number will appear on the Budget Report as well.
Budget Hours: The Budget Hours is used to record the total number of hours of billable time allocated to the Item and are often used in conjunction with the Budget above. It is automatically entered upon generating an Item with a Quantity and after selecting the Time Budget check box as described in the Item Window - Item Tab. As Time Entries are joined to the Item, the Budget Hours can be compared to total number of hours currently joined to the Item using the Time Budget Analysis Report.