RAVE's product inventory library allows you to store the items you purchase with their code, description, Unit of Measurement, the Cost Price to you excluding GST, Markup %, and Account Code, as well as noting if it is a GST or NO GST item.
In the example below we have:
- Line item one with a cost price of $55 excluding GST with no markup. Once we convert this to an invoiceable, we will see the sell price a sell price of $126.50 which is your cost price including GST with NO markup (no profit).
- Line item two has a cost of $130.50 excluding GST with no markup. Once we convert this to an invoiceable we should see a sell price of $150.07 which is your cost price including GST with NO markup (no profit).
When you want to create a variation or an invoiceable via RAVE's Progress Payment sub-tab, you can select your inventory item by typing in the code, part of the description, or a keyword to search. Once you have selected the item, RAVE's FMS will add your MARK UP (% or total $) and GST (if any) to the item/s automatically. The below screenshot shows the items converted to a client invoice with the correct markup (if applicable) and GST added.
