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There are three ways to get time data into a QuickBooks company file:
1.Use a Single Activity entry and, if desired, the Stopwatch to time an activity while you are performing it. A single activity entry shows the time spent by one person doing a single activity for a single job on a single date. If this time data will be used to process payroll, you can even link the entry to a specific payroll item. To gather the data and use it for billing your customers, simply click the Billable checkbox.
2. Enter the time data on a weekly timesheet. A weekly timesheet shows the time spent by one person doing any number of activities for any number of jobs within a seven-day period.
In QuickBooks, service items are used to enter time that you either charge your customers for and/or purchase from others. Examples include specialized labor, consulting hours and professional fees.
To track expenses correctly for subcontractors, be sure to check the box that "This service is used in assemblies or is performed by a subcontractor or partner," and assign the cost of the service item to an expense account that tracks payments to 1099 vendors.
By entering time in QuickBooks, you can create reports that summarize your time by person, job and activity. In doing so, you will have the tools you need to optimize your resources and your profitability!
Contact our office if you have any questions about tracking time in QuickBooks. We'd be glad to help!
*Securities offered through 1st Global Capital Corp. Member FINRA, SIPC. Investment advisory services offered through 1st Global Advisors, Inc. We currently have individuals licensed to offer securities in the states of AL, AZ, CA, CO, CT, FL, GA, HI, ID, IL, IN, KY, MI, MS, MO, NV, NJ, NC, OH, RI, TN, TX, WA, WV and WI. This is not an offer to sell securities in any other state or jurisdiction.