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Accounting for GST in Product Markups 
As a veterinary clinic using Storbie for your online store, you will have cost pricing from SVS (NZ) or Provet (AU) syncing through without the Goods and Services Tax (GST) included. This means that you need to account for GST when setting your markup percentages to ensure that you are pricing your products correctly. In this article, we will guide you on how to add GST to markups in Storbie for cost pricing from your connected wholesaler.  
 
 
Step 1: Determine your Markup Percentage 
Markups on products can be specified on individual products through the Product Details page for individual products, or using a Product Export to maintain markups for all products in bulk. If you need a refresher on adding markups to products, see our Storbie Support article HERE. < https://support.storbie.com/s/article/Adding-a-Markup-to-Product-Pricing >  
 
  
Step 2:  Add GST to your Markup Percentage 
Once you have your markups, you can determine GST and calculate the final markup. 
To do this, you will need to convert both the markup amount and GST amount to decimals instead of percentages, as per the image below. Eg. if your markup is 40% and GST is 15%, you will complete the calculation using 1.4 and 1.15. 
Next, multiply the markup by the GST to get the new markup value. Following on with our example above, this calculation will look like this: 
1.4 x 1.15 = 1.61 
Now that we have the new markup percentage that includes GST, we need to convert it back to a percentage. This can be completed by subtracting the 1 (as this represents 100% of the cost price) and multiplying the remaining decimal by 100. See below: 
(1.61 - 1) x 100 = 61% 
This is the final markup percentage we will add to our products in Storbie. 
 
 
 
 
Step 3: Update Your Storbie Settings 
  
Now that you have determined your final markup, you can update your product details to reflect the correct pricing. 

  1. Under Manage, head to the Products tab.  
  1.  Navigate to the product you’re wanting to edit and click on the $ icon. 
  1. Edit the unit markup price and enter the markup percentage to the adjusted percentage you calculated in step 2.                                       A screenshot of a computer Description automatically generated with medium confidence 
  1. Click Finish, and then Publish to save your changes. 

 
You can also update your product details to reflect the correct pricing in bulk by carrying out a Product Export, and modifying the values in the "MarkupPercentage" Column. A screen shot of a computer Description automatically generated with low confidence 
 
You can find further details on how to modify products in bulk in the following support article https://support.storbie.com/s/article/Updating-Product-Details-in-Bulk 
 
 
Step 4: Review and Test 
  
After updating your markup percentage, it's important to review and test your pricing to ensure that it is accurate. Double-check that the prices of your products are displayed correctly on your online store, including the GST amount. Test the checkout process to ensure that the total price, including GST, is calculated correctly. 
 
  
Adding GST to markups for cost pricing from your connected wholesaler in Storbie is a crucial step to ensure that your online store prices are accurate. By following the steps outlined in this article, you can confidently adjust your markup percentages to account for GST and ensure that your products are priced correctly on your Storbie online store. If you have any further questions or need assistance, feel free to contact Storbie support for help.