Time and Billing

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Time and Billing2014


Topics

• Reimbursable (Billable) Expenses

• Using Two-Sided Items

• Billable Time

• Time Reports

• Tracking an Owner’s or Partner’s Time


Reimbursable (Billable) Expenses•QuickBooks allows you to pass expenses through to customers for reimbursement•First, record the expense


Reimbursable (Billable) Expenses (cont.)

• Pass the expenses through the invoice.


Time & Expense Preferences for Reimbursable Accounts


Two-Sided Items

• An Item used on both sales and purchase types of forms is commonly called a “Two-Sided Item”• Possible uses of two-sided Items include: – Reimbursable Expenses

– Custom Ordered Parts

– Subcontracted Labor

– Cost of Goods Sold postings


Two-sided Non-Inventory Items to track Custom Orders

•Automatically track the revenue and costs for Custom Order Item•Custom Orders are items not held in inventory


Two-Sided Service Items to Track Subcontracted Labor

• Two sided items allow you to pass subcontractor costs through to Invoices • Create reports showing

the profitability of subcontracted services


Unbilled Costs by Job Report

• This report shows all of the billable expenses and Items that you haven’t passed through to Invoices


Billable Time

• You can pass time through to invoices• Activate Time Tracking


Entering Time on Timesheets

• An activity is the time spent by a single person performing a single service on a single date


Printing Timesheets


Invoicing Customers for Time

Time marked “billable” is transfer to the next Invoice for that Customer.


Time by Name Report

• Shows hours each employee worked for each Customer or Job


Chapter Review

• Reimbursable (Billable) Expenses

• Using Two-Sided Items

• Billable Time

• Time Reports

• Tracking an Owner’s or Partner’s Time

Documents

Time and Billing