Skip to main content
T
todd80
July 2, 2023
Question

How do I set up hourly consulting rates for different clients?

  • July 2, 2023
  • 1 reply
  • 0 views
I have four customers with different billing rates and different currencies. How do I set them up?

1 reply

T
todd80Author
July 2, 2023

I should add that I am using Quickbooks Online Plus and Quickbooks Time. I have activated the multi-currency option, and those features and connections seem to be working okay. The contracts I am consulting for are "pure" time and materials, and not fixed price. So whatever time I incur I can bill for. In other words, it's not about tracking project costs, but about capturing revenue. Hope that helps.

J
JamesM4
July 4, 2023

Hello todd80. Thanks for connecting with us here. I'll be happy to share more info so you're on the right track with achieving your QuickBooks goals. Based on what you've described, you'll have to add each individual customer one by one. The following article shows you how to: Add customers in QuickBooks Online. In order to manage the aspect of different currencies, here's an article that shows you how to: Assign a foreign currency to a customer in QuickBooks Online. From here you can capture the revenue for your customers in different currencies. Feel free to ask other questions in the comments below, I'm here to assist. 

T
todd80Author
July 4, 2023

Thanks James.

So far, I'm with you and I think I've managed those aspects correctly. I have my different customers set up and I also have (now) assigned each of them to the correct currency.

I have two related questions, or at least I think they are related. Since each customer contract is associated with a different hourly billing rate, where would that be set up? Does that get set in Quickbooks itself, or in Quickbooks Time? I can also foresee that some of my clients may have different billing schemes for different projects. 

For example, for one client, I will invoice my time at a day rate for attending advisory meetings, while also doing hourly billed project work with them. This could get confusing if I'm invoicing them for a month's worth of work that could include both types of work.

Thanks for your help.

Todd

Terms & ConditionsAccessibility statement