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Pass-Throughs

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Pass-Throughs Chapter 1 Objectives What makes an expense Billable, Not Billable, or Billed How to record transactions involving Expenses, Items, Mileage, and Time ... – PowerPoint PPT presentation

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Title: Pass-Throughs


1
Pass-Throughs
  • Chapter 1

2
Objectives
  • What makes an expense Billable, Not Billable, or
    Billed
  • How to record transactions involving Expenses,
    Items, Mileage, and Time that will be billed to
    your customers
  • How to add reimbursable Expenses, Items, Mileage,
    and Time to Invoices
  • How to use two-sided Items to track reimbursable
    expenses
  • How to use two-sided Items to track custom
    ordered items

1
3
Objectives (Cont.)
  • How to use two-sided Items to track subcontracted
    services
  • How to use the Unbilled Costs by Job Report
  • How to use the Time by Job Report
  • How to use the Vehicle Mileage Tracker in
    QuickBooks
  • How to handle Multiple Pass-Throughs on a single
    Invoice

1
4
Billable Expense transactions involving Expenses,
Items, Mileage and Time
  • You can use Enter Bill or Write Checks window to
    enter the expense
  • To make it billable to customer
  • Enter a Customer or Job name in CustomerJob
    field
  • The invoice icon shows that the expense is
    billable
  • Save and Close

2
5
Reimbursable (Billable) Expenses
  • QuickBooks allows you to pass expenses through to
    customers for reimbursement
  • To track a reimbursable cost, youll first need
    to record the expense
  • Then you create an invoice for the customer, to
    pass the cost
  • If you assign expenses to jobs, but do not intend
    to pass them through for reimbursement,
  • Click the invoice icon so that it has a red X
    through it
  • This makes the line item Non Billable

2
6
Adding reimbursable Expenses, Items, Mileage, and
Time to Invoices
  • Open the Create Invoices window
  • Enter the Customer or Job name in the
    CustomerJob field, a message appears to remind
    you that this job has expenses that you
    designated as billable
  • Click Time/Costs icon to display the reimbursable
    expenses for this Customer
  • Use appropriate tabs to see reimbursable Items,
    Expenses, Time, and Mileage that have accumulated
  • Click in the Use column to select this expense
    for reimbursement, this will cause the expense
    plus the markup (if any) to show on the Invoice
  • Save and close invoice

4
7
Sales Customers Preferences for Reimbursable
Accounts
  • To track reimbursable expenses in one account and
    the reimbursements in another account, set the
    Sales Customers Company Preferences
  • Set the default markup for your reimbursable
    expenses and Inventory Items
  • When Track Reimbursed income as expenses box is
    checked, you can associate income accounts with
    expense accounts, so that when you pass an
    expense through to an Invoice QuickBooks will
    increase the associated income account
  • You need to associate each reimbursable expense
    account with an appropriate income account

9
8
Two-Sided Items
  • An Item used on both sales and purchase types of
    forms is commonly called a Two-Sided Item
  • Item setup screen includes purchase information
    on the left side (Expense Account field) and
    sales information on the right (Income Account
    field)
  • Two-sided item can be used on expense forms (e.g.
    Checks and Bills) and sales forms (e.g. Invoices
    and Sales Receipts)
  • For two-sided items, you can generate reports
    showing the profitability of each Item

11
9
Using Two-Sided Items (Pro and above only)
  • Possible uses of two-sided Items include
  • Reimbursable Expenses
  • Custom Ordered Parts
  • Subcontracted Labor
  • Cost of Goods Sold postings

11
10
Two-sided Items to track Reimbursable Expenses
  • You can create two-sided Other Charge Items to
    designate categories of expenses (e.g.
    transportation, clerical, or material expenses)
  • Use these Items on both expense transactions and
    sales forms

11
11
Two-sided Non-Inventory Items to track Custom
Orders
  • If you sell products that you dont hold in
    inventory, you can use QuickBooks Pros
    two-sided Items to automatically track the
    revenue and costs for each Item

This is a two-sided Item. It allows you to
specify a separate account for the costs and the
revenue on a single Item setup screen.
12
12
Two-Sided Service Items to Track Subcontracted
Labor
  • If you hire subcontractors, you may want to
    create a two-sided Service Item for each
    subcontracted service
  • This will allow you to pass subcontractor costs
    through to Invoices and it will allow you to
    create reports showing the profitability of your
    subcontracted services

18
13
Unbilled Costs by Job Report
  • This report shows all of the billable expenses
    and Items that you havent passed through to
    Invoices
  • Select the Reports menu, choose Jobs, Time
    Mileage, and then choose Unbilled Costs by Job

21
14
Billable Time from Timesheet
  • From the Employee section of the Home page,
    choose Enter Time drop down icon and then select
    Use Weekly Timesheet.
  • On the Timesheet, enter subcontractors name in
    the Name field and click Set Date
  • As you enter the date, QuickBooks will display a
    weekly timesheet showing the billable hours

22
15
Time by Job Report
  • To see all the customers that need to be invoiced
    for services, use a Time report such as Time by
    Job
  • Select the Reports menu, then select Jobs, Time
    Mileage, and then select Time by Name
  • Set the date fields
  • Click Modify Report to format the report to
    display the Billed and Unbilled columns

23
16
Invoicing for Billable Time
  • Click Invoice on the Home page
  • Enter customer and job in the CustomerJob field
  • Click Time/Costs to pass billable time through to
    this Invoice
  • Click the Time tab, click Options to modify how
    timesheet information is transferred to Invoices
  • Click OK to save the settings in the Options for
    Transferring Billable Time window
  • From the Choose Billable Time and Costs window,
    click Select All to use all of the time activity
    for this customer
  • The timesheet activity you selected on the Choose
    Billable Time and Costs screen now shows on the
    Invoice
  • Enter Job information in the Memo field of the
    Invoice

24
17
Vehicle Mileage Tracking (Pro above)
  • QuickBooks Vehicle Mileage tracker allows you to
    track vehicle mileage, post mileage to invoices,
    and run reports for tax preparation
  • To set up mileage tracking,
  • Create an Other Charge item called Mileage
  • Select the Company menu and select Enter Vehicle
    Mileage
  • Select Add New from the Vehicle drop-down list
    and enter vehicle name and description to create
    an item in vehicle list
  • To set up your mileage rates, click the Mileage
    Rates button and enter the mileage rate
    designated by the IRS for the appropriate tax
    year
  • Complete the Enter Vehicle Mileage window
  • Click Save Close to save your mileage entry

28
18
Vehicle Mileage Tracking Reports
  • To create reports about your mileage
  • Select the Reports menu, then select Jobs, Time
    Mileage, and then select Mileage by Vehicle
    Detail
  • QuickBooks displays the rate based on the year
    the miles occurred
  • It uses the Mileage rates window to look up the
    rates
  • To see all mileage that has not yet been billed,
    use a Mileage report such as Mileage by Job
    Summary
  • Select the Reports menu, then select Jobs, Time
    Mileage, and then select Mileage by Job Summary
  • Click Modify Report to format the report to
    display the Billed, Unbilled, and Not Billable
    columns

31
19
Multiple Pass-Throughs on One Invoice
  • From the Home page, click Invoices
  • Select Customer name from the CustomerJob list
    and click OK to the billable cost reminder
  • Select Time/Costs and click the Mileage tab
  • Select Use on the Mileage, Items, Expense
  • Click OK to post all selected pass-throughs to
    the invoice
  • Click the Time/Costs button on the invoice to
    re-display the Billable Time and Costs window.
  • Click the Time Tab and click Select All on the
    unbilled Expenses
  • Click Print Selected time and costs as one
    invoice item
  • Click OK to post all of the selected
    pass-throughs to the Invoice
  • Preview the resulting invoice by choosing Print
    and Preview

32
20
Chapter Review
  • What makes an expense Billable, Not Billable, or
    Billed
  • How to record transactions involving Expenses,
    Items, Mileage, and Time that will be billed to
    your customers
  • How to add reimbursable Expenses, Items, Mileage,
    and Time to Invoices
  • How to use two-sided Items to track reimbursable
    expenses
  • How to use two-sided Items to track custom
    ordered items

37
21
Chapter Review (Cont.)
  • How to use two-sided Items to track subcontracted
    services
  • How to use the Unbilled Costs by Job Report
  • How to use the Time by Job Report
  • How to use the Vehicle Mileage Tracker in
    QuickBooks
  • How to handle Multiple Pass-Throughs on a single
    Invoice

37
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