Defining Estimated and Actual Markups on Sales Contract—Exercises
Required Data
Sales Contract
Purpose: The purpose of this exercise is to show you the
required data that is used in the exercises below.
For creating a sales contract see the general exercise for
Creating Sales
Contract
Adding Line and Items to a Sales Contract
Purpose: The purpose of this exercise is to show you the
required data that is used in the exercises below.
General exercise for
Adding Lines and Items to a Contract
Creating Project Cost Elements
Purpose: The purpose of this exercise is to show you the
required data that is used in the exercises below.
General exercise for
Setting up Project Cost/Revenue Element
Main Exercise
Purpose: The purpose of these exercises
is to guide you through the steps of entering markup values to a sales contract.
You can enter either an estimated markup or an actual markup.
Windows:
Sales Contract
-
Open the
Sales
Contract window and and query for your contract, then click the
Markups tab.
- Click the
Estimating Markups tab and click New to enter a
new record.
- Enter XXMAT that was pre-defined by you in basic data, in the
Item
Type field or select it from the List of Values.
- Enter 5 as the markup value in the Markup field.
- Click the
Items tab and enter an item line based on cost
value.
- Enter XXMAT in the Item Type field and save
the record.
- Observe the Markup value
you defined being updated in the Markup field and the fields with the
sales values related to the item being updated in relation to the markup
value you defined.
- Open the
Sales
Contract window and and query for your contract, then click the
Markups tab.
- Click the
Actual Markups tab and click New to enter a
new record.
- Enter a cost element in the Project Cost Element
field or select from the List of Values.
- Enter 5 as the mark up value in the Markup field.
- Save the record.
- Actual markups are used when valuating an
Application For Payment using the project cost data. Refer the Defining Actual Cost Details on an Application for Payment
lesson in the Retrieving Cost/Progress Details from Project exercise for
more information.
Note: You can also enter a markup value in the
Markup field in the
Sales Contract/Items tab.