In this release, we have added a new way to calculate Expected Costs, by allowing users to allocate a default % of profit to specific charge codes.
In the Alpha Charge Code Masterfile (Administration -> Finance -> Alpha Charge Code Masterfile), a new field ‘Profit Margin %’ has been added. The percentage amount entered in this field will determine the how much of a charge code’s Billed Amount will be allocated in the Expected Cost field.
Affected screens:
- Import/Export Air/Export Sea Job Registration screens
- Debtor Invoice Entry
- Domestic Job Registration screen
For example:
If Profit Margin = 70% for Freight and I bill $100 to Freight, the Expected Cost will be $30.
Formula used to auto-calculate Expected Cost: Bill Amt x (1 – Margin Percentage/100) e.g.(100 x (1-70/100) = 30)
NOTE:
- This auto-calculation will apply to any Rate Account Code against the Alpha Charge Code (this is the Rate Account Codes tab).
- Profit Margin % will default to 0.00 to not alter current functionality and processes
- This new feature is only available to sites who currently use Expected Costs in their billing. If you would like this feature turned on, please contact Expedient Software staff and request system option ‘EXP_COSTS’ turned on.