You can set some Owner Contract Defaults and Bidding Markup Rates from the Accounting Menu
To Establish your Default Rates click on Accounting in the top Toolbar
Click on Default Rates on the left hand menu
Contract Defaults
Contract Defaults will set some values in the Owner Contracts you write during the Pending phase.
All sites have a Generic Owner Contract that will use these rates.
NOTE: If you have a current AIA or Consensus Docs license on file, it will set these rates in these Owner Contracts
Updating the following values (if applicable to the selected Owner Contract) will be reflected on all projects going forward. These can always be adjusted in an individual project if it will differ.
Work Retainage
Material Retainage
Architect Receive Payment Day
Owner Make Payment Day
Owner Make Payment Month
Owner Payment Days for late Bill
Markups (Rates in % Form)
The Markups in Default Rates will allow you to set certain item rates so that they show these values in all projects.
Markup Defaults in Bidding
Sale Tax Rate – This rate will automatically apply to all .M (Material) and .EQ (Equipment) expense types in a Project. You can select to apply it to the other expense types as desired by checking or unchecking those boxes in the Project Markups Tab.
Labor Burden Rate – Labor Burden Rates will apply to only .L (Labor) expenses. These codes are for self-performed work, or GC labor only. These .L codes are also tied to the Time cards feature in RedTeam Go.
General Liability Rate – General Liability Percent will be applied to all codes and will calculate into the GC General Costs Line on the Estimate Worksheet.
NOTE: In Bidding phase, the the above rates will show as defaults, but can be changed on a by project basis by clicking Set Markups from the Estimate Worksheet. Overhead and Profit must be set from within the Set Markups tab in Bidding for each Pro.
Markups Defaults In Progress
When a project is In Progress, the Labor Burden, Sales Tax and General Liability Markups from Accounting Defaults will carry over to Potential Change Order (PCOs) and Change Order (COs) line item calculations.
Additionally, the Overhead and Profit percentages from Accounting Defaults will apply to PCOs and COs.
Example in Change Orders
IMPORTANT: Make sure to use the same percent (%) for both PCO Overhead to Change Orders Overhead. If they are different, it may cause complications when a PCO is Approved and pulled into a Change Order if the % are not the same. Also true for PCO Profit and CO Profit.