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My husband is a general contractor for a company. I set the company up as the customer and technically the customer is the job as well. He does several projects for them and when he submits an invoice, he has to have the p.o. number they assigned for the project. He bills them his time at a set rate, but then if he purchases materials or equipment, he is supposed to get reimbursed for the cost of the materials or equipment and then add a 10% markup. When I enter the expense - either on his credit card or checking account, I put in that it is a Construction Materials expense or Equipment Rental expense and then yes I will put in the customer. There is a tablet looking icon (I assume this is the billable box) but it will not allow me to select it.
Now when I originally set up - the account is ConAgra. So, instead of setting up each project as a customer, I should have set up the main customer as ConAgra and then each project as a job? Can I go back and change this? Do you think this will then allow me to select the billable?
Now click OK and you’ll see on the invoice that those expenses are now a part of the invoice. So that’s how you track expenses you want to be reimbursed for.
Yes, the Construction Materials is a Cost of Goods Sold account. When I set up the item to invoice - I set up an item called Materials and selected that it was a reimbursable charge. On that screen, I selected Construction Materials as the expense account and an income account I called Reimbursed expenses to keep track of them. I also set up a Marked up Income account to keep track of the mark up income if I ever get it working :)
Thank you so much!
Do you know if there is a way to print the blank weekly timesheets?
Also, we have an employee who started out as a vendor because he was a subcontractor for the business. He decided to come on board as a full time employee. I want to track his time, but can't because of the vendor status. If I make him inactive as a vendor, can I still produce a 1099 for him at year end?