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Level 1

Change my hourly rate on my invoices in Desktop Pro 2020

This should be super easy but I can't seem to find the way to do it automatically. I'm self-employed and have been using QBPro since 1998. But this year I made the switch to QB Desktop Pro 2020 and I can't figure out how to update my hourly rate when it autofills into my company invoice template. Hate it when these super-simple tasks are so hard to find! Please help. Anyone. Thank you!

Solved
Best answer 03-02-2020

Best Answers
Highlighted
QuickBooks Team

Change my hourly rate on my invoices in Desktop Pro 2020

Hi there, Pauldeegee.

 

I'll help you with changing your hourly rate.

 

If you set up your hourly rate as an item, we can go to the Item Lists then change your rate from there. You can follow the steps below:

  1. Open QuickBooks.
  2. Select Lists from the top menu bar.
  3. Choose Item Lists.
  4. Locate the item (hourly rate).
  5. Enter your new hourly rate in the Sales Price text box.
  6. Hit OK to save the changes.

Since you've mentioned that you're the owner and you don't have employees, you'll want to set up an owner's draw in your account. This way, you'll be just using the owner's draw account when you pay your self. This account is an equity account in which QuickBooks Desktop tracks withdrawals of the company's assets to pay an owner. 

 

Here's how to create an owner's draw account:

  1. Select Lists from the top menu bar.
  2. Choose Chart of Accounts.
  3. At the bottom left choose Account, click New.
  4. Click Equity, then hit Continue.
  5. You can enter Owner's Draw in the account name and description.
  6. Hit Save & Close.

Once done, you can follow the steps below in writing a check from an owner's draw account to pay your self:

  1. Select Banking from the sidebar menu.
  2. Choose Write Checks.
  3. Go to the Pay to the order of section then select the owner.
  4. Enter an amount next to the $ sign.
  5. In the detail area of the check, assign the amount of the check to the equity account you created to record the owner's draws.
  6. Hit Save & Close to record the check.

I also encourage you to consult your accountant to know the best QuickBooks Desktop set up for you.

 

You can always find me here if you have further questions regarding this matter. As always, assistance is just one comment away.

View solution in original post

4 Comments
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Moderator

Change my hourly rate on my invoices in Desktop Pro 2020

Thanks for reaching out to the Community forum, Pauldeegee.

 

For me to ensure were on the same page, I'd like to verify if the hourly rate you're referring to is for your employees?

 

If yes, to update hourly wage, here's what you'll need to do:

  1. Go to the Employees menu at the top.
  2. Choose Employee Center.
  3. Select and double-click the name of the employee.
  4. Click the Payroll Info tab.
  5. Under the Earning Table, you can manually enter the new hourly rate of your employees.
  6. Click OK.  

Moreover, you can also edit a payroll item via the Payroll Item List. For a step-by-step instructions, you may check out this article: How to edit a payroll item.

 

However, if you mean something else, please let me know and provide additional details. This is for me to provide the best resolution for you. Have a great day!

Highlighted
Level 1

Change my hourly rate on my invoices in Desktop Pro 2020

Thank you MirriamM.  I'm self-employed and have no employees. So I'm talking about my own billable hourly rate.  The drop-down list says I need to set up Price Levels, but that doesn't work.  I just want to give myself a little raise from last year's hourly rate :-)

Highlighted
QuickBooks Team

Change my hourly rate on my invoices in Desktop Pro 2020

Hi there, Pauldeegee.

 

I'll help you with changing your hourly rate.

 

If you set up your hourly rate as an item, we can go to the Item Lists then change your rate from there. You can follow the steps below:

  1. Open QuickBooks.
  2. Select Lists from the top menu bar.
  3. Choose Item Lists.
  4. Locate the item (hourly rate).
  5. Enter your new hourly rate in the Sales Price text box.
  6. Hit OK to save the changes.

Since you've mentioned that you're the owner and you don't have employees, you'll want to set up an owner's draw in your account. This way, you'll be just using the owner's draw account when you pay your self. This account is an equity account in which QuickBooks Desktop tracks withdrawals of the company's assets to pay an owner. 

 

Here's how to create an owner's draw account:

  1. Select Lists from the top menu bar.
  2. Choose Chart of Accounts.
  3. At the bottom left choose Account, click New.
  4. Click Equity, then hit Continue.
  5. You can enter Owner's Draw in the account name and description.
  6. Hit Save & Close.

Once done, you can follow the steps below in writing a check from an owner's draw account to pay your self:

  1. Select Banking from the sidebar menu.
  2. Choose Write Checks.
  3. Go to the Pay to the order of section then select the owner.
  4. Enter an amount next to the $ sign.
  5. In the detail area of the check, assign the amount of the check to the equity account you created to record the owner's draws.
  6. Hit Save & Close to record the check.

I also encourage you to consult your accountant to know the best QuickBooks Desktop set up for you.

 

You can always find me here if you have further questions regarding this matter. As always, assistance is just one comment away.

View solution in original post

Highlighted
Level 1

Change my hourly rate on my invoices in Desktop Pro 2020

Got it! Thank you. I knew it was something easy like that!

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