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DellGon
August 9, 2022
Question

QuickBooks Pro 2020 - Timesheet cost (Employee rates)

  • August 9, 2022
  • 2 replies
  • 0 views

I am new and using QuickBooks Pro 2020, I have fixed employees hourly rates for every year, which I want to apply with time sheethours to get labor cost in job costing, (its notional cost which is added with other part of business cost).  this time cost is not bulliable to client.  the difference between billing and time cost is my job/ project profit.

 

Payroll goes on actuals cost which I do not want in project job costing. Above timecost less Payroll cost and other business overhead cost is our business contingency.

 

I need help in posting / entering fixed employees rates for all jobs for a year in QuickBooks Pro 2020.

Thank you in advance for your kind help.

DellGon

2 replies

G
GebelAlainaM
August 9, 2022

Welcome to the Community space, @DellGon.I know how important for you to track your job costs and enter fixed employee rates for all jobs in a year in QuickBooks Desktop (QBDT). I'm here to help you.

 

We can track job costs in QuickBooks to compare those expenses to your revenue. With QuickBooks Desktop's job costing tools, you can see how much money you spend and make for each job.

 

On the other hand, if you want to enter an hourly cost in QuickBooks Desktop, we can use the Time Tracking tool. I can guide you through the process.

 

Initially, we'll need to turn on the Time Tracking feature in your company file.

 

Here's how:

  1. Open your QuickBooks Desktop company file.
  2. At the top menu bar, click the Edit menu, then select Preferences.
  3. Choose Time & Expenses from the left menu.
  4. Go to the Company Preferences section and click Yes to turn on the feature.
  5. Then, select OK to save the settings.

 

After that, you can now enter a weekly or a single timesheet to track your employee's hourly cost. To do so, please follow the steps below:

 

  1. Go to the Employees menu, then select Enter Time.
  2. Choose Use Weekly Timesheet or Time/Enter Single Activity.
  3. Enter the information needed.
  4. Then Save & Close.

 

In addition, timesheets are non-posting entries in QuickBooks. So, you'll need to import them to bills to show as an expense on the job. If you want to add your billable time to your invoice. You can follow the steps below:

 

  1. At the top menu, click on Customers and choose to Create Invoices.
  2. Enter the job name.
  3. On the Billable Time/Cost pop-up, select the outstanding billable time and cost to add to this invoice. Then, click OK.
  4. Select the billable time you want to add, then OK.
  5. After that, select Save & Close.

 

However, I'd recommend reaching out to your accountant or a QuickBooks Certified ProAdvisor. That way, they can guide you with the appropriate process in posting fixed employee rates for all jobs for a year since they know what's best for your business.

 

 You may refer to this article for more important details:  Track job costs in QuickBooks Desktop.

 

If you'd like to generate reports to keep track of your financial data, you can refer to this article: Understand reports in QuickBooks Desktop.

 

Don't hesitate to post a reply in this thread if you have clarification or if you need any assistance managing your QuickBooks Account. I'll be around. Stay safe!

D
DellGonAuthor
August 10, 2022

Dear @GebelAlainaM , thank you for your revert, 

You answered it partly for which it was already updated in my application, the question is how to update the employee rates or resource rate (calculated cost rates are available with me in excel) I need to add that in Quickbook pro 2020 so that cost rates on projects gets calculated  eg.  Project A shows 20 hours to timesheet for employee xyz and employee xyz rates for that timesheet period is 100 so project A time cost needs to show 2000 as TIME COST  

J
jamespaul
August 10, 2022

Hello, DellGon.

 

I appreciate your time in getting back to us. I'll take it from here and help you update or enter the resource rates for your employees in QuickBooks. 

 

We can add the employee or resource rates by going to the employee's profile. Here's how to do it: 

 

  1. Go to Employees, then select Employee Centre. 
  2. Open an employee's profile.
  3. Go to the Payroll Info tab. 
  4. Under Earnings, add the resource rate, then set the rate under HOURLY/ANNUAL RATE column. 
  5. If you haven't added it yet, select Add new then follow the interview prompts to add it. 
  6. Once done, click OK.

 

 

Do this for all of your employees. After adding the rates, we can start entering the timesheet to track the hours per job.

 

We would just need to ensure to add the payroll item for the resource rate as we enter the details. Doing this ensures that the entered rate is calculated with the total hours worked. 

 

I'll elaborate using the steps below: 

 

  1. Go to Employees, then hover on Enter Time.
  2. Select either Use Weekly Timesheet or Time / Enter Single Activity. 
  3. Set the employee's profile under NAME.
  4. Add the job details, then make sure to assign the payroll item for the resource rate under PAYROLL ITEM.
  5. Enter the hours worked.
  6. Once done, click Save & Close.

 

Enter the time details for the rest of your employees. Just to visualise the steps above, I've added a screenshot on what will happen when you run payroll: 

 

 

In terms of tracking the job profitability, we can run the Job Profitability or Profit and Loss by Job report. Go to the Reports menu, then hover on Jobs, Time & Mileage. Select the report you need to see the data. 

 

In case you need help running your reports and how to utilise the related functions, I'll add this article (click on the series list for other related guides): Understand reports.

 

Do you have other questions about managing jobs and time in QuickBooks? Or do you have any other concerns about your entries? Let me know and I'll get back to you as soon as possible. 

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