How do I update my hourly rate that I bill out to my customers on an invoice so that I don't have to change it every time I write up an invoice?

Hi JMsPlumbing

From the menu, select Invoicing-> Products and Services

Here you should see - or can create - your sales item which has an hourly rate associated with it.

Then when you invoice your customers, you simply select the sale, enter a quantity (hours) and it shows up on your invoice that way.

Hope this helps!

Hi there jmsplumbinghac,

Adjusting the rates of your Products and Services is an awesome way to ensure that you don't have to manually adjust prices every time you enter a sales transaction. @LeithG has started you off on the right track, but I'd like to expand with some additional details on how to change the Rate of your services in QuickBooks Online.

As indicated above, you'll want to navigate to the Sales menu from the left, then choose Products and Services. There are two defaults in QBO called Sales and Hours. These are probably what you've been using already, but when you navigate to this page you'll be able to Add a Product or Service. Choose between Non-inventory, Service, Bundle, or Inventory depending on what version of QBO you're using. 

Let's say you want to add a new item to represent your hourly rate. You'll want to choose Service. Enter a Name for your service, a SKU and Category if applicable, a Description, and a Sales price/rate. You'll also need to select an Income account, unless you don't mind using the default Sales account that's pre-selected. Choose whether you'd like to make this item Inclusive of tax and select a Tax rate if you know it'll always be the same for this item. If you purchase this item you can select that box and fill in those relevant details as well.

Hit Save and close once you've finished entering the details for your item. Now you'll see a Products and Services list, with the default Hours and Sales that you were likely using before. If you'd like to adjust the price of either of these you can use the Edit option from the Action column. This should have you sorted out so that you don't need to do that extra work every time you enter a transaction. You'll simply need to enter the amount.

If you come across any other questions, give me a shout. I'm here to help!