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QuickBooks Tips & Tricks - Invoicing for Expenses

  QuickBooks Tips & Tricks - Invoicing for Expenses
QuickBooks Tips & Tricks - Invoicing for Expenses
Issue 2.12
March 25, 2003
QuickBooks has a feature that permits creating an invoice from expense and items entered on bills, checks and credit card charges. By using this process expenses will not be missed. Here's a quick overview of the process.
The customer:job list permits tracking of individual tenants by unit.
Enter the amounts due to vendors - When entering the expenditures, be sure to enter the appropriate customer in the name column. The icon next to the name is an invoice, when it is white it is billable, when it is grey, it has been invoiced, when it has a red "X" over it, it will appear on job costing reports but will not be billable. The expense tab and item tab both permit job costing the expenditure.
Review the amounts to be invoiced - There are primarily two reports that can be used to review the amounts waiting to be invoiced, prior to actually generating an invoice. The first is the Unbilled Costs by Job. This report includes both items and expense. The second is the time by job report, that should be modified to include the date range of all and the billed status of unbilled. The later is only hours. There is no way in QuickBooks to generate a true "work in process" report that includes items, expenses, and time as dollars (i.e. time x sales price). The only alternative we are aware of for those businesses using the time features of QuickBooks is an Excel AddIn product from Big Red Consulting called WIP Reports for QuickBooks. A free trial is now available.
Create an invoice - Enter the customer:job name and click on the time/cost button. You may choose to invoice for items, expenses (with or without a markup) and time. The sales price for the item will be based on what was entered in the item set up screen. The amount charged to the customer can be changed on the invoice itself. In addition there are several choices as to how the items will be transferred, i.e. in total, by individual transaction, etc.

As a resource for this and other questions, submit a question via "Ask the Expert" or attend our free, monthly discussion forum tele-class.

Bonnie J. Nagayama, CPA (925-247-0100) has been featured by Intuit in their QuickBooks Advisor Spotlight and frequently teaches and consults on using QuickBooks to its maximum advantage. For a FREE weekly newsletter of QuickBooks tips and tricks, plus many free and low cost QuickBooks resources visit www.4luvofbiz.com.


For further information, visit the following articles:
Ask the Expert – Job Costing Salaried Employees (Free!)
Ask the Expert - "Non-Payable" Expenses (Free!)
QuickBooks Tips and Tricks - Sick and Vacation Accruals (Subscription required)
QuickBooks Tips & Tricks - Invoicing for Expenses (Subscription required)
QuickBooks Tips & Tricks Minimize Use of the Mouse (Subscription required)