@MelissaB wrote:
Looking for feedback from the community surrounding a multi-member LLC (3 owners) that are performing work and therefore would like to track hours worked. The goal of the initial tracking is to assist with measuring how accurately we are estimating jobs.
Given we are owners/members - not employees - would trying to track our time in the timesheets module in QB cause reporting or systematic issues when it comes to end of year financials? (a/k/a - we do not want to negatively impact any financial statements to show we have employees, as we do not. We are owner/members looking to track time).
Lastly, why do some of the posts recommend setting yourself up as a vendor when you are an owner of a company? Then other posts advise against it.
in QBO, intuit decided that time tracking is only used for either employees, or vendors. As a result, it you want to use time tracking, you have to set up the members as vendors. The prohibition you read about is setting up a member as a vendor to pay them something for some reason - just not the way to do it
when you set up time tracking be sure to set the hourly rate to zero, then if you want and if you have billable expenses turned on you can move time to an invoice - though it will appear as a zero amount so you might consider a work around rather than moving time to the customer invoice.
Create another invoice for the customer, set the invoice number the same as the one you sent to the customer and add a -T (for time) to the invoice number, then move the time entries to that invoice, it will still be a zero dollar invoice but the customer will not see it
