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Here we are in our get great guitars 2024 quickbooks online sample company file we set up in a prior presentation opening up the major financial statement reports like we do every time the reports on the left hand side within the favorites right clicking on the balance sheet to open a link in a new tab right clicking the profit and loss to open a link in a new tab and right clicking the trial balance to open a link in a new tab if you don't have that trial balance down here you can search for it in the search area. Let's go to the tab to the right close up the hamburger and change the range we're going from 010124 tab 013124 tab and then we will run and then tapping to the right we're going to close up the hamburger and change the range 010124 tab 013124 tab run it to refresh it tabbing to the right once again closing the hamburger one more rep on the rounds of the range change 010124 tab 013124 and run it to refresh it take a breather go back to the balance sheet this time we're going to be entering time and as we enter time the first thing that comes to mind is usually that we're entering time for payroll to be processing the payroll possibly by an hourly employee but oftentimes we often need to enter the time so that we can make it billable meaning we're going to enter the time and pull that information into an invoice so we can bill the client or invoice the client this will typically be done if you have some kind of job cost system possibly in construction is usually the first thing that comes to mind but job cost systems are also used in service industries such as bookkeeping or law firms or accounting firms for example where you have like a staff of people that you work to the bone for the partners basically and then you're going to bill out their time to the clients that that have been worked on uh and and then bill them out so you need to be able to track the time in order to do that so let's think about how that would work if i go to the tab to the left let's first think about setting up the billable items in the settings so that's we did this in the past it's under the cogs and then in the account and setting and then we have the billable items here in the expenses area and then in this first area we have the billable items so it says here's make expenses and items billable that is turned on we then have it marked up with a default rate so we're not going to be marking them up but if you have expenses for example that you charged on like an expense form or a check form or a bill form like gasoline or something like that and you wanted to make it billable that means that you're going to pay for it and then you're going to pull it over and make it part of your invoice if you make it part of your invoice the option is do you want to put it on there at cost or do you want to mark it up typically i like it on there at cost personally because i would like to be more transparent i show it at cost and then possibly add a line to the invoice marking everything up to show exactly what the cost is and what the markup is that's what i like to do but you can mark up each line item here and then we got the track billable expenses and items as income so and notice i'm talking here about expenses that we're pulling in like gas not like time but i'm grouping these two things together because they're both items that we track that we're going to be putting into the system which don't actually have a financial transactions within them until we pull them into an invoice so we're using some outside process either entering time into the system or entering an expense that is billable which doesn't record the billable item it doesn't automatically make an invoice generally but then we're able to create the invoice and pull that information into it so we can charge a client for it so notice the issues with this there's a problem with this that you might see and that is when i have the actual income forms the things that drive the accounts are called items products and services so the issue here is well if i'm pulling something that got charged to the gasoline expense for example into an invoice i don't have an item there's no item for gasoline expense because i just paid it to an account so then how does quickbooks know what account to go to it used to be that it would actually decrease the expense account which isn't what you wanted to do you wanted to go into an income account so that's why this is ticked off here it's going to a single income account now you could also go to multiple income accounts here and then you can charge the sales tax on it so we'll get back to these settings in a second i'm going to close this out for now now the other thing that kind of muddies up the picture when we're thinking about pulling in the billable items for time is that there might be multiple ways that we can track uh the time multiple systems so you'll recall that we turned on the payroll down here you don't have to have the payroll turned on necessarily to track the time because it might be the fact that we're tracking time even maybe for like a contractor or something like that if they weren't an employee so the question of whether they should be an employee or as a contractor something that you want to make sure that you get down and think about because the iris tries to make a big distinction between the two but if you have a contractor that's doing a particular job and then you're going to basically build a client based on what the contractor did you'll still need to track the time so you could pull it into the invoice if you have an employee then it might be the case that you need to track the time of the employee to populate the payroll if they're an hourly employee but possibly not for example hamilton here is a salaried employee i still might want to be tracking hamilton's time because i might use it to bill the clients for so i still need like a billable rate to charge the clients even though i'm not paying hamilton on a billable rate now if i go into this item here if i do have the employees so within here we can send an invitation for time tracking to track hours on web or in quickbooks workforce mobile app however even if we don't have payroll we'll typically still have the time tab on the left hand side and you might be asking well why wouldn't they put the time tab within a tab in the payroll section and that's because the time tab might be part of the payroll it might be used to help us process the hours to generate payroll however even if you don't have payroll you might still want to use the time tab because you want to be tracking billable hours so that you can then pull them over into an invoice so this looks like the new place that they're going to want everybody to go and i think it's becoming more and more available i think it's on everything except basically the simple start so we'll take a look at this item and use it however before that it used to be if you wanted to enter the time let's say you got time just from a system like excel worksheet or something and you had your staff or your contractors enter the billable time per job like in a law firm or cpa firm then you might go up into the plus button and under the employees we can enter the single time activity or weekly time activity so in that case you might do it weekly for example and notice it gives you this little error message where it's saying go to quickbooks time to enter the timesheet so quickbooks hasn't removed this area yet at this point but they're basically trying to move everybody over to the other spot which again is available to more people than i think it has been in the past so it would only be if you're using like simple start where they might still have access to this timesheet format but not the new time tab so if i if i close this it used you'll we used to enter the time basically this way and this would look what the worksheet would look like so most of the time this time these days i'm going to close this out i think you're going to be using the time tab on the left hand side instead of that data input so if i close this one out we've got the overview up top where it says you can schedule your free guide set up start tracking time with confidence spend 60 minutes with an expert and customize time tracking so this has a lot more functionality within it to give you oversight over your employees possibly even tracking their time through the app if they turn their app on where you can even see where they are because you've got the gps location and so on so it says down here uh you're on your way uh you're one step closer to tracking time schedule your your free guide set up you have your team add so you can add the new team members we added our employees already but notice it says team not employees because we might add other people like contractors or ourselves possibly even if we're not paying ourselves because we want to track our time and pull them into the billable items our customer customers added now you're ready to track time entries to customers invite your team to track time so this would be the step which would be really nice because then you can have the the team enter the time into the system you might not use that you might still have a system where you're just going to give them a worksheet or use some other software to track the time and you take the time from the excel worksheet or the word document or whatever and you put it manually into the system you could still do that but you might be able to to integrate it into quickbooks and if that system works good for you that would be great so you can send team members an invitation to download the mobile app you can create the workforce account and track time and then you can have the approval process of the time as they enter it into the system so i think we have a whole nother course or section that goes into this in a little bit detail so i won't go into a lot of the detail on it but the functionality here you've got to add the time entry you can add the employees we have the approval process run reports you have the invite team time off and manage so those tabs are up top here so we have the tabs of the time entries so we can track the time entries we've got the time team so this is going to be the time team which in our case is our employees and the owner that are all in the time entries notice it's saying employee employee but you might add others here and then we've got the assignments tab which we're not going to go into in detail at this point and then we've got the time off and the time reports tab payroll reports itemized total time reports so we want to go into the time entries at this time and then we're going to be displaying the employee so we want the employee and we've got we're looking at it for this month and we can change it to this period this week and so on status all unapproved or approved we'll keep all we can search for a team member if we needed to do a search for that and then we have the time add time over here we can have a single entry or we have a time clock that will run as we go for if we want to like run the clock real time as we're working and then we've got the weekly time entries so we're going to just do the weekly time entry similar to what we saw with the drop down here with the weekly time entry this way but now we're in the in the proper spot where they want us to go when we go in here we get a very similar worksheet that we saw in the weekly time entry and this is the last notice I'm looking at the last period of January so if you're working in the future I still want to keep it in January so we can pull these over into our billable items so if I go into here we can have our customer so I'm going to put it into a job 3005 was the job for Jones in a prior presentation we set up a job and a project so we can assign this to a customer a job or a project and we'll test some each of the jobs and projects out so we can get an idea of those items and we're going to say that worked on the 27th let's say or let's say they worked on Friday 26 eight hours on that job and then we're going to say that we have another job and this one is going to be billable we'll say yes it's going to be billable service item so this this is going to be the service item to set up now if you have a team working with you then you might charge them just for what they did like if they did a diagnostic whatever that is you might put a diagnostic that would be nice to do but a lot of times you're going to be entering the information by uh by just team member you might have an hourly rate that you just charge for that person's work so I set up a new one they don't let you set one up on the fly these are just items so let me show you how to do that I'm going to go to the tab let's right click on this tab I'm going to duplicate the tab and we'll go into the products and services so I'm going to go into the sales and then products and services and I set one up already for the Adam Hamilton you can set one up by setting the new button it's going to be a service item and then I'm going to edit it to check it out service item boom sell it the description I'm going to call it Adam Hamilton's time rate this is what we charge for an hourly rate for Adam in other words a hundred dollars it's going to go to the service revenue we don't have any purchasing side of it because we're not going to be purchasing it because it's a service item let's close this out closing this out up top and so if I go back in here I should then be able to make my item Adam Hamilton and it's going to be billable we can add notes if we want to now this one's a little bit different that I can't notice what I cannot do I can I have to make this whole thing billable so if jones had time that he wanted to report that is not billable that we just need for internal purposes then he might have to enter another whole time sheet right so that he can report his billable time and his unbillable time whereas the old system it used to have the checkbox kind of thing up top where you can say if it was if this line is billable or not billable okay but we can still do multiple different billable projects so this notice I cannot if I had two different projects and he worked another eight hours on Thursday or something or Saturday we'll say then he can't I can't just put eight hours here I could if he worked eight hours again for the same job but if you worked for a different job then I have to go to the next line down and I'm going to add another job and this one is going to be that he worked for a project on on this one let's say so this time I'm going to say it's going to be project number two so this time we set up the projects and jobs so we can look at the difference between jobs which are sub customers and projects projects if you have access to them basically overriding or usually would be the preferred use rather than the jobs but you can use both of them as we've discussed in prior presentations all right so let's go ahead and record this we can reset it or record it let's go ahead and record it and it said changes saved successfully okay great and I'm going to close this and then I wanted to put it in there as Adam Hamilton but I put it in there not as Adam Hamilton so if I go into it here we can see the two line items that have been created both of them having the billable item on I'm going to edit them let's go into the edit up top and I'm going to change from here to Adam so I'll pick up this one that's who I wanted it to go to and let's save that and then I'll do the same thing here I'm going to go into this one and edit it and I'm going to say this is going to go to Adam boom and we'll go into that and then let's save it and then if I go back to my time entries okay so now we have Adam Hamilton if I go into it then we have the two time entries that looks correct and and I can see them one at a time because I entered them in that weekly even though I entered them on that weekly kind of basis and then I can approve the time here so let's go ahead and do that let's say we approve the time lock time through 131 24 you will be approving and locking time through the time here for this team member more about the lock so I'm going to go ahead and prove approve and lock it because that will allow me to then pull it over into an invoice I believe so we're going to center it checked off it's been approved so then I could unapprove it if I needed to unapprove it here so now we should have a billable item just to see that if I open this up and then we go into the sales on the left hand side I'm going to close up the hamburger we'll go into the all sales and then within all sales we have this unbilled income so if I go into unbilled income you can see these two time entries are within here you can also see that if I go to the customer and I look at unbilled filtering by unbilled so now you've got these unbilled activities for this these two job this was a subcustomer and this was a project so so we can kind of track that which is great okay this one by the way being a project we can also track that possibly in the projects so if I go into the projects tab and I went to that project number two and I went to the time activity for example we have that item showing up here in the time activity for the projects which is nice as well all right so let's go ahead and make an invoice I'm going to hit the plus button and say now let's make an invoice for the billable item and I'm going to make it for the job first which was 3005 and so we'll say boom and then it pulls over so I could have pulled it from the customer area with the subcustomer but if I just type in the customer or in this case the job or subcustomer it has the billable time which of course I can pull in so I'm going to say all right that looks good let's pull that in and let's say this is going to be as of let's make it like the 30th into the month and I'm trying to close this it won't let me close that close that out no tags so it pulled in this item the proper item here now for the description I might it be nice if it pulled in like a description for what we actually did but it's being driven by the Adam's time tracking so if it was billing some other thing that was driven by the item it would show basically the description here so I'm just going to imagine it's Adam's time that we're billing out at this point and then we're going to say it's eight hours times a hundred dollars that's eight hundred dollars notice it's applying sales tax and I should have said the item was not subject to sales tax so I'm going to uncheck this one and then I could change the items to take the sales tax off of it but that removes it so it's eight hundred dollars what's this going to do with an invoice it's going to be increasing the accounts receivable and then the other side is going to go to revenue for the eight hundred dollars we can see it's linked right here the sub customer will be a sub account will be affected for accounts receivable tracking by customer as well so let's hit the drop down and let's hit this drop down save it and close it and then I can say okay let's check that out first let's go to the sales let's go to the products and services and I'm going to go into Adam Hamilton edit it and remove the sales tax I'm going to imagine it's not subject to sales tax edit here non taxable okay select so next time the sales tax should not pop up automatically let's go to the balance sheet run it and take a look at the ar the pirate account the r account and the pill poppin porch pirate klepto account let's go into then here we've got the 800 down below so there's the 800 and then back on over if I go to the profit and loss run that the other sides on the services and it's just a normal invoice at this point that we build out there's the 800 we can track the sub ledger account we can track it internally if I go internally into the sales let's just look at the customers we can look at the invoice as the customers but let's look at the customers where we have the sub account and if I go into the sub account we can see that we have the time that has now been converted and then the invoice okay so now I also want to look at making a billable expense because these two things are similar so I'm going to hit the drop down up top or let's go into the settings I'm sorry the cog setting something just to be a careful of I'm going to go into the account settings here and I'm going to go into the expenses and when we turned on these billable items notice that defaults here and then it goes to a single income account it used to be that this was not on by default and I just want to show you what would happen if I take this off also giving you an idea of what the items do and possibly some of the limitations of this billable thing so now what's going to happen is we're going to create an expense form and I'm going to make it billable so it pulls into an invoice similar to what we just did with the time but when I pull it into the invoice if I uncheck this it's not going to put it into an income account because it's not driven by an item it's going to reduce the expense which is a problem and so I'm just want to point that out I'm going to close this back out and show you what I mean so now let's say that we hit the plus button up top let's say that we make an expense form for example and we're going to say it's just going from office depot let's say and we're going to spend out of the checking account we'll make it on the 30th as well and the payment method we'll just keep it a check or or doesn't really matter here probably an electronic transfer and notice it's trying to populate the last thing that we did so that's not correct this time I'm going to close that because it's an office supplies so this time I'm just going to put it into supplies expense just an expense account and we're going to say it was for $130 now the key is I'm going to make it billable I'm not going to subject it to sales tax as I pull it over into the invoice now I'm going to say this is going to go into project two again for Sam the guitar man this time a project instead of the sub-customer or job this will record it just like normal it's an expense form it's going to decrease the checking account the other side's going to go into supplies but we made it billable so it's going to pull into an invoice note there's kind of an issue with this which we kind of saw when we did this billable thing with regards to the items this isn't an item so I'm not doing an inventory item that I am making billable this one is only assigned to an account which is an expense account so when I pull it into the income statement there's nothing telling QuickBooks what a what income account should be hit when you pull it into the into the invoice onto the income statement that's why we had that generic income account that we could put in place that we unchecked and if we do that then it's it's going to decrease the expense account right so I just want to point point that out the limitation here with this this functionality when you use the categories is that you can't assign it to a particular income account you can kind of put it into that general income account you have less flexibility than if items were used all right let's save it and close it I'll show you what I mean so we'll save it and close it and then if I obviously if I look over here let's just go to the income statement and I can see that we have in supplies expense we should have 130 that we charge just like normal no problem all right let's go back on over and make the invoice for it now so let's just check it out hold on let's go into sales if I go into sales and I go into the customers now I've got the unbillable income for project number two I can also find it in the projects as well because this was a project so I can go into that that actually takes me to the project so now I'm in the projects because I posted it to a project similar concept if it was a customer or sub-customer though project number two and then we see in the time here's our our time entry and we also saw that in the transactions within the transaction there's the billable expense charge okay so now we can create we can create an invoice I'm going to do it this way though I'm going to hit the plus button up top and make an invoice and I'm going to say this is for project number two project two and so then it allows us to pull in these two items so we have billable expenses and billable time so let's pull them both in and the date we're going to say this is good good good good good closing this out okay so now down here for the products and services notice that the problem with this billable time here is that there's no service item that has been pulled in because you'll recall that when we entered the 130 we just put it to a an account we didn't put it to we didn't put it to an item so that's the issue with the billable thing uh and so and because I also turned off the thing to put it into an income account in the checkbox what which was in the cog up top then it's probably just gonna what's it gonna do then where's it gonna put it it's probably gonna decrease the supplies account so what we did is we put this into supplies expense and so it the only because it doesn't have an item to tell it where to go you would think it's just gonna decrease the supplies account is the idea here and that's the problem typically so let's see what that will do it's an invoice what's this going to do it's going to increase the accounts receivable I took off the sales tax so we don't want any sales tax on this transaction so it's going to be 930 and then the other side is going to be going to service income for the 800 and then the problem is it's going to put that 3 130 decreasing the expense account so let's check that out and see why that is a problem we're going to hit the drop down let's go save and close and then uh did I say yeah and then let's go into the balance sheet run it and we can say okay on the accounts receivable we should have an increase of the full amount 930 that looks correct let's go back on the profit and loss I'm going to run it and we have then income in the services for that invoice of only the line item for 800 for the sam the guitar man one which is here and then going back we can see that the other side went into supplies you would think so if I go into supplies then see how it went up and down now note you might think like why is that a problem because that's what happened we reimbursed we basically got reimbursed by the client for the expense that we did for the job or project of that client so it makes sense we we paid for it and then they reimbursed us so we didn't really have an expense right but the but the the problem is that basically what we want to have is say that's income to us it should be on the top line as income it's not really a reimbursement it's part of the expense of our job right so so what we want to basically have is income of the 130 and then an expense of the 130 so the fact that they net these two together is going to mess is is going to mess us up even though the bottom line is the same and and part of the problem could be with that for example if you got 1099 for someone they're going to 1099 you on the revenue and you're going to have to track your own expenses right so if you so you have so that's the problem so if i go back on over that's the issue so how do we fix that well one way we can do that is if we go back into the the cog up top i'm not going to adjust that transaction we're going to leave it as is as an example but if i go into the cogs and settings i'm going to go into the expenses again and then i'm going to turn this back on this isn't a perfect solution however because it still is limited because i'm still not using an item so quickbooks will basically create an account to post to post to which will be an income account but it's less specific than if i created an item because the item will tell will allow quickbooks to know exactly the income account that we should be posting to okay so i'm going to save that and then i also just note that in the advanced settings you can see in the in the chart of accounts this is the account that it should be posting to now so it made up an account billable expense income so we could change or add another account to our chart of accounts and then basically select the account that we want to use here as we pull in our billable income all right so that's that let's go ahead and try the same thing again okay so i'm going to enter another expense i'll go back to the first tab i'm going to hit the plus button up top let's go into an expense form so we're going to imagine we buy more supplies from office depot and then let's keep the date let's go back up to the 30th again and we'll just tab through this and then i'm going to say it's saving the transaction last time this time i'm going to put in this description that it was supplies which hopefully will pull over into the invoice and let's make it 200 to change it up i'm going to make it billable and then this time i'm going to put it into 3005 which is the sub uh customer kind of like the job rather than a project so this is an expense form it's going to decrease the check in account the other side i should have made it 200 200 that's 2200 the other side's going to go into supplies like normal but then we'll be able to pull it into an invoice let's save and close it check it out let's go to the profit and loss and then if i run this in supplies we're going to have once again another expense of the 200 okay looks good that looks good then let's go back to the first tab if i go into my customers this time or let's go into my sales and then my customers i've got my unbilled income so now i've got unbilled income for 3005 if i go into that we can see it here so there it is and i can go here and just simply convert it to an invoice so let's create an invoice from it so i'll say make an invoice and so now it has the billable item i can i can pull in so it's been created from the billable item it's already pulled in so i'm going to close this out uh get out of here thing it's going to pop up again i know it so there it is as of the 30th okay and then down here i it doesn't it still doesn't have a product or service so that's still a limitation the description pulled in which is great there's the 200 and so what's it what's the journal that we're going to do well it's going to it's an invoice it's going to increase the accounts receivable the other side is going to go where because there's no account there's no account because usually the account's being driven by the item but there is no item because we pulled it in from the billable thing and the billable thing on the expense form didn't have an item but simply an expense account so what's it going to do decrease the expense account well no because we changed the settings this time to put it into a generic income account so we don't have a whole lot of control about which income account it goes to but it should at least go to an income account which is nice so it's going to create that new billable income account you would think right that's the that's the idea so let's go ahead and do that save it and close it and see if it does do that so on the balance sheet it's an invoice so now we've got the accounts receivable should once again go up by the 200 movie B to the end let's go to the profit and loss this time it created another income account so notice you might say well I wanted to go to the service income well you could make that the default income account that it goes to under the settings right so it goes into the service income instead of making a new account for the billable income however it's a little more difficult to try to tell it if you have multiple income accounts which income account you want it to go to because you're not using the items so you can get it to work pretty well but you still got to be a little bit careful of it and if you are dealing with inventory as we saw in a prior presentation you got to be more careful of it as well because although then you will be using the items it still has an issue pulling in the sales price versus the cost as we saw when we dealt with inventory and billable items now I just want to mention one other method that might give you a little bit more control although it has its own pros and cons as well so let's go to the first tab just to just to take a look at the other thing you could try to do and I won't actually record this we'll just kind of take a look at it if I was to enter another expense let's imagine we do the same thing it's going to go to office depot vendor we'll do it as of the the 30th same thing and then instead of entering it as a category down here which is typically what we would do if we were just going to buy supplies we would just charge it to supplies expense we make an item from it so now I'm going to utilize the items we don't typically for normal expenses record them to an item but if I'm going to make them billable and I want more control over the account that will be impacted when I pull it into the other side I might use the item so I can set up an item and I can say let's make a new item and these are going to be my billable items and I'm going to call this supplies purchased or something like that and I'm just going to go dead and then it's going to be snow now the type I can make it a service item or maybe I want to make it non on invent a non-inventory item in other words something that's not going to be tracking inventory it might not exactly be service because it's supplies but it's not going to be tracking inventory so category I sell this to my customers we're just going to say supplies purchased that's what's going to show up on the invoice when we pull it over and then the price I'm not going to add a price because it's going to be different every time I buy supplies right and then the income account this is where I have the more flexibility I can then charge it to whatever income account I want I don't have to have one default I could set up multiple of these product items so that I then have control over when it comes into the income account which account will be impacted so this time I'll put it just a service income now you might you could do this with the billable items as well the other way you could have just changed the default from billable to services however again if you wanted like multiple different things pulling in to different income accounts then this is one way that you have a little bit more control with the use of the items also when you're tracking things like when you're running reports like sub ledger reports of your income by item then it might this might be a little bit easier because you actually have an item to run the sub ledger report I'm going to make it you can say that's tax I'm going to say it's not taxable and then select that and then I'll create that so now over here I can say it like whatever the rate is let's say it was you know another 250 this time I can then make it billable I can assign it to whatever customer I'm not actually going to record this I'm just showing you the same thing and then then this way when it pulls into the invoice it'll pull in as an item so it won't have that blank cell that we saw over here with the item the items are now being utilized and and the item and QuickBooks online is still pretty good at reading the item to show which expense account or income account it wants to go to when you make an invoice so that's one workaround there why are there limitations with this workaround well it's a little bit more tedious for the data input because now you have to add an item as you do the data input and if you were to be doing bank feeds for example that might be a little bit more difficult to do because if you were to pay your supplies through the bank feeds then it might be easier to make something billable than to assign it you know an item as you're adding things within bank feeds and doing bank feed rules we'll talk more about that in future presentations but that's just another kind of workaround every workaround has its pros and has its cons but i think if you could get the items in place for the the more you're able to use an item when you're when you're when you're recording revenue the better it typically is because then you can you can track everything by item and you can run sub reports breaking out your income statement revenue by item all right i'm going to close this out i'm not going to record it i'm just going to close it leave without saving just the other thing that we just touched in on as we entered our time is if i go into the sales tab and i go into the customers which we can charge the time to a sub customer remember that these are kind of the older system of using a job cost system similar to the desktop used to call them sub customers here they're going to call them the uh i'm sorry the desktop called them jobs here they call them sub customers if you have the ability to use projects the projects often will replace the sub customer usage because it's got a little bit more versatility and whatnot however there are times when you might use both of them for example if you had a different billing address but the projects have to be tied to either a customer or a sub customer and then we can track you know the billable items within here and you can see basically the income and costs on a job by job you can make reports for a particular job which is basically what this internal page is kind of showing you kind of the report by job now you also might end up running these reports by you know all by you could you can look at your income statement for example and if you looked at the sub customers you can break out by customer so if I break out my income statement by customer here and run it then this gives us our sub customers as you can see in the report which can be useful and it also gives us the project so this this report will give us that detail and then you have some internal reports that will give you the information by project possibly so let's go to the tab to the right let's right click on that and duplicate it take one more look at that and we'll wrap this up hopefully it's going we're going way too long here my producer is going to be upset this is going to be what is this this is going to be we're doing projects projects profitability summary and let's go from 010124 to 013124 and run it so now we have a report like that as well all right let's go let's wrap this up let's go back to the trial balance this is where we stand at this point in time balance sheet on top of the income statement if your numbers tie out to these numbers good great if not try changing the date it's often a date range issue and you could drill down to the source document and change the date on it we have the balance sheet on top of the income statement checking account balance sheet account asset accounts receivable asset inventory asset investments asset payments to deposit asset accumulated depreciation contra asset tying out to the furniture and equipment prepaid insurance asset then we have the liabilities the other side of the coin assets and then who has claimed to the assets the bank with the visa card the government with the sales tax the loan payable the bank again the government again with the payroll taxes has claimed and then finally we have claimed to our portion in equity investments equity owners equity part of equity and then our income statement income and then cost of goods sold which is an expense and then all of the other expenses the whole income statement possibly being able to crunch down you can crunch it down to one number net income which is part of equity which we won't do this time because we're taking too much time maybe we'll do it next time