In this example, there’s been no markup applied to the transaction. Click it, and you’ll see this:Ī partial view of the Billable Expense screen The transaction will open, and you’ll notice that there’s a small View link in the Billable column.
To display is again, click View/Edit at the end of the corresponding row. Once you’ve saved a billable expense, it will appear in the table on the Expense Transactions page. Just as you did in recording time activities, you complete the fields and place a checkmark in the Billable column and select the Customer/Project from the drop-down list. You can either click the +New button and then Expense, or you can click the Expenses link in the toolbar and the New transaction | Expense.
#HOW TO ENTER EXPENSES IN QUICKBOOKS ONLINE EDUCATION HOW TO#
You probably already know how to record expenses in QuickBooks Online. QuickBooks Online, as it does with all of your other company information, retains that and makes it available to you. You don’t have to worry about remembering that. You’re charging the customer $65/hour (a $15/hour markup), so you enter that number in the Billable field. Because the Service being provided will be billed back to the customer, you click in the box in front of Billable to create a checkmark. In this example, the employee will receive $50/hour for the work done ( Cost rate). When you create a record of a billable single time activity, be sure you’ve marked it as such. The critical section of this screen is pictured below: Fill in the blanks and select items from drop-down lists until you’ve completed a form. It’s easy to create a billable time activity. It also offers reports that help you track unbilled time and expenses. So QuickBooks Online “reminds” you that they need to be billed when you create an invoice for a customer.
Obviously, you want to be paid for these expenditures as soon as possible to minimize their impact on your own cash flow. In all three cases, QuickBooks Online calls these billable expenses and billable time, and it does a good job of tracking these transactions – much better than if you were scribbling notes on a receipt or a paper timecard. In the first two cases, you’re spending money upfront that will eventually be paid back. If you’re a sole proprietor with no payroll and no reserves, of course, you just have to wait to be paid for your work. Or you, or an employee, might spend time providing services for customers and get paid for those hours by your company before you receive payment from the responsible party. But there may be times when you have to purchase items for a job whose costs will eventually be reimbursed. Usually, money flows from your customers to your business. Make sure you’re billing them for time and expenses. Sometimes, you have to spend money on your customers.