We are very excited to bring you an easier way to record and collect markups on bills in Buildium! Over the next few weeks we will be rolling out our new Bill Markups functionality to all customers allowing you to set a global markup policy for all bills, set a specific markup amount on an individual bill or line item within a bill, or create exceptions and overrides for specific vendors.
Setting up the policy and adding vendor exceptions
Setting up a global markup policy:
From the Bills page, click the drop down menu on the top right and choose “configure markup”.
From this page you can:
- Set up your global policy
- Add vendor exceptions
- Edit your existing policy
- Turn the global policy on/off
The global policy will apply a default markup to all bills entered, unless an exception or override specifies otherwise.
Click "update policy" to set up your default markup policy.
Once you have entered the percentage to markup, click update policy. This will now be applied by default to all bills (minus exceptions and overrides)
Creating Vendor Exceptions:
Vendor exceptions will override the global policy outlined above for bills from specified vendors.
This can also be done from the configure markup page.
- Click add vendor exception
- Select the vendor you wish to create an exception for
- Change the markup policy as you did for the global policy - you can choose to add no markups by default for this vendor or choose a specific percentage amount that you would like added to all bills for this vendor.
- Click update policy.
Adding a markup to a bill
If you have a global policy, you will see the option to apply markups when recording a bill. The markups checkbox will automatically be selected, and the percentage will automatically be applied to the bill.
If you want to change the markup amount from the default, you can do so by clicking the "amount" or "type" fields.
You can choose to keep the markup as a percentage of the bill or choose to add a set amount markup.
If there’s a specific bill you don’t need to apply a markup on, just uncheck the “apply bill markups" box and no markup will be added.
Collecting Bill Markups
To collect a bill markup on an individual bill navigate to Bills, and filter by "bills with uncollected markups only"
Select the bill you wish to collect the markup on, and proceed to Collect Markup
To collect a bill markups in bulk you will navigate to:
Accounting > Bills > Collect Markup
This will bring you to the Collect Markup by Check screen, which shows all mark ups to be collected and the corresponding bank account the mark up will be paid from.
There is the option to include or not include:
- Properties with no available cash balance
- Bills requiring approval
Note: The payee when collecting a markup will default to your management company as specified in your management fee policy setting. To adjust the company payee, simply collect the markup and make adjustments on the prepare payment step.