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Hi Lisa,
You can set up both the rates you charge and the costs to fill in automatically on timesheets.
Start by setting your billable rate as the hourly amount you charge clients. Here’s what to do:
- From the left-hand navigation panel, go to My Apps, click Payroll, and select the Employees tab.
- Identify the employee and click their name to open their details.
- In the Employment Details section, select Edit.
- Enter the hourly rate you charge in the Billing rate field.
- Select Salary to use the estimated rate QuickBooks calculates or choose Custom to enter your own.
- Check the Billable by default box.
- Click Save.
After that, set an Employee's Cost Rate. This rate represents the total hourly cost to your business, which includes not only their wages but also taxes and benefits.
Here's how:
- In the same Employment Details section, find the Cost Rate (per hour) field and click the Pencil icon.
- Select Salary to use the estimated rate QuickBooks calculates or choose Custom to enter your own.
- Click Save and Close.
For more details on calculating the hourly pay rate for salaried employees, check out this article: Determine the hourly rate of salaried employees.
We can help you simplify your payroll process with QuickBooks Payroll. Our experts provide the knowledge and tools to manage everything from employee details to tax forms.
If you need further assistance with managing employees' time in QuickBooks. Leave a comment below.
