Time and Billing

1. Time and Billing 2014

2. Topics • Reimbursable (Billable) Expenses • Using Two-Sided Items • Billable Time • Time Reports • Tracking an Owner’s or Partner’s Time

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

4. Reimbursable (Billable) Expenses (cont.) • Pass the expenses through the invoice.

5. Time & Expense Preferences for Reimbursable Accounts

6. 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

7. 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

8. 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

9. Unbilled Costs by Job Report • This report shows all of the billable expenses and Items that you haven’t passed through to Invoices

10. Billable Time • You can pass time through to invoices • Activate Time Tracking

11. Entering Time on Timesheets • An activity is the time spent by a single person performing a single service on a single date

12. Printing Timesheets

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

14. Time by Name Report • Shows hours each employee worked for each Customer or Job

15. Chapter Review • Reimbursable (Billable) Expenses • Using Two-Sided Items • Billable Time • Time Reports • Tracking an Owner’s or Partner’s Time