- #LOAN MANAGER FOR QUICKBOOKS MAC HOW TO#
- #LOAN MANAGER FOR QUICKBOOKS MAC MANUALS#
It shows no impact to P&L, and it zeroes out. The big test is to see how it will come out in the Profit and Loss Report. It will give detailed costs all the bill items entered for this job.
Double click actual cost dollar amount, it will take you to Item Actual Cost Detail Report. Will reflect Owner’s cost of labor allocation for this job. GO to Reports menu > Job, Time & Mileage > select Job Profitability Detail > select Customer. Job Profitability Detail Report & Item Actual Cost Detail Report for this Job. 
Now, let’s look at the various reports what will they turn out.
The net impact is zero journal entry with no impact to Profit & Loss account. Should see positive amount ($600.00 in this example) for Items Tab. Should see negative amount (-$600.00 in this example) for Expense Tab. Amount = Enter negative amount (in this example -600.00). Account = Direct Labor – Owner’s Alloc (COGS account type). Billable = check billable box if it’s actually billable to commercial customer (optional). Customer: Job = select Customer’s Name from Customer/Job. 
Cost and Amount should automatically calculate (hourly rate was already setup as $40 per hour in this example). Select Labor = Owner’s from Item List (Service Type). Vendors = Owner’s Name (setup as Other Name). Have a Weekly (or Bi-Weekly) Timesheet ready. GO to Vendors menu and Select “Enter Bills” Income Account = Job Labor (title for income account)Įnter Zero-Journal Bill for Owner’s Time Allocation. Sales Price = Marked Up Hourly Billing Rate (say $80 for hour for this example). Expense Account = Direct Labor – Owner’s Alloc (under COGS). Cost = Hourly Rate (say $40 per hour for this example). Sales = Labor (anything you like to see in your invoice as description). Description = Leave it blank (if you put anything here, it will show up in job cost reports as lengthy unnecessary title/description). Check the box > This service is used in assemblies or is performed by a subcontractor or partner. GO to Lists menu > Item List > Item > New > select Service Direct Labor – Owner’s Allocation (under COGS). 
Zero Journal (under Accounts Payable – this is to differentiate this from operational Accounts Payable). GO to Lists menu > Chart of Accounts > Account > select New In your QuickBooks chart of accounts create the following new accounts: The idea here is to create a Zero-Journal bill to allocate time and effort to jobs without impacting on P&L report. But it is important to see how profitable the jobs are. #LOAN MANAGER FOR QUICKBOOKS MAC HOW TO#
How to track Job Time Costs for LLC members/owners that are not Employees? They are not on the payroll so they cannot enter time worked to jobs.
#LOAN MANAGER FOR QUICKBOOKS MAC MANUALS#
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