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In QuickBooks Pro 2010 Essential Training, author Bonnie Biafore shows how to most efficiently use this popular business accounting software to manage business finances. The course covers core QuickBooks features that business owners need to know, from recording typical bookkeeping transactions like bills and invoices, to reconciling accounts and managing company files. Exercise files accompany the course.
In earlier videos, you learned how to track billable time and flag different types of expenses is billable to your customers. If you recorded those billable items in QuickBooks, you want to make sure that you invoice your customers for them or you won't make as much money as you are supposed to. QuickBooks makes it easy to add billable time and costs to the invoices you create. In fact, when you choose a customer job with outstanding billable time and costs, it reminds you that those items are out there.
If you use QuickBooks Premier and turn on Time Tracking, clicking the Create Invoices icon displays a shortcut menu with two commands. The Invoice for Time and Cost command takes you to invoicing for billable items more directly, but the Create Invoices command opens the Create Invoices window where you can still add time and costs. Here on the homepage click Create Invoices to go directly to the Create Invoices window. In the Customer:Job dropdown list, select the customer invoice, Water Way Homes in this example.
If you have outstanding billable time and/or cost, the Billable Time/Costs dialog box appears. QuickBooks selects the Select outstanding billable time and cost to add to the invoice option. So you can click OK to continue to add billable items to the invoice. If you want to skip the billable stuff for now, just select the other option and click OK. The Choose Billable Time and Costs dialog box opens.
This dialog box has tabs for each type of billable cost: Time, Expenses, Mileage and Items that you buy for a customer or job. The Time tab is the one you see first. If you have billable time for the customer or job, each timed activity appears in the table. If you want to add all the billable time, just click Select All. QuickBooks turns on all the checkmarks for the Time entries. You can also click a checkmark cell to toggle a line on or off.
You can't change the amount of Time or the Rate in this dialog box. You have to wait until you add the time to the invoice to do that. You can tell QuickBooks how you want the time to appear on the invoice. To do that, click Options. In the Options for Transferring Billable Time dialog box, QuickBooks selects the option that puts each activity on a separate line, which is great when your customer wants to know the nitty -gritty of the work performed. Select one of the sub-options to tell QuickBooks to show item descriptions, the notes you added about the work performed, or both.
On the other hand if you want to keep the invoice more concise you can select the Combine activities with the same service items option. So each service item appears on the invoice only once. Then click OK to close that dialog box. To add billable expenses such as work performed by a subcontractor or telephone calls click the Expenses tab. Click Select All to add all the billable expenses. If you pass expenses through at cost, you don't have to worry about the markup fields.
However, if you add a little extra on to billable expenses you can type a dollar amount or percentage in the Markup Amount or % box. For example, to add a 10% markup, type 10%. Choose the account you use to track markup, an income account called something like Markup Income. The Amount shows the original amount for the charge. The Total expenses with markup number shows the total of all the expenses with the markup added.
If the expenses are taxable, turn on the Selected expense are taxable checkbox. If you charge for mileage, click the Mileage tab. As you do on the other tabs, you can click Select All to add all the billable mileage. The Option button lets you show each mileage entry separately or combined as you can do with time entries. In case there's no mileage to add. For products that you buy for a customer or job, click the Items tab. Click Select All to add all the items or click checkmark cells to toggle an item on or off.
QuickBooks fills in the Rate and Amount from the item records. Regardless of which tab you display, the total billable time and cost value is the total of everything you select on all the tabs. If you want to add everything as one single line on the invoice, turn on the Print selected time and costs as one invoice item checkbox. You'll separate entries in the Create Invoices window, so you can make sure everything is correct. But the printed or e-mailed invoice will have only one line.
Click OK to add the expenses to the invoice. After you add the Billable Time and Expenses to the invoice, you can still add additional lines to the invoice if necessary. QuickBooks calculates the sales tax for any taxable items. When you're done click Save & Close to save the invoice and close the dialog box. To make sure that you don't forget any billable costs, run the Unbilled Costs by Job report from time-to-time.
On the Reports menu, point to Customers & Receivables and then choose Unbilled Costs by Job. The invoices that you create with Billable Time and Costs are just like the others you create. You still have to print them or e-mail them to your customers.
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