QuickBooks for Mac 2014 User’s Guide 85
Important: Entering the name here gives you the ability to invoice the customer for the work later. Also, you'll be
able to create reports that show your costs and revenue from the work.
Tracking services performed by an owner or partner
Because owners and partners do not submit bills, the costs of the services they perform will not be part of the
overall costs of the job unless you enter a transaction to account for the work. If you want owner or partner time to
contribute to the job costs on reports such as job profitability or job estimates vs. actuals, here's what to do.
To track services performed by an owner or partner:
1 Set up the owner or partner on the Other Names list. Other Names is the best list to use, since an
owner or partner is not an employee, vendor, or customer.
2 Create a new service item to represent the work done by the owner or partner:
o Select the “This service is performed by a subcontractor” checkbox.
o In the Expense Account field, enter the name of the person's equity account (on the list, equity
accounts are above expense accounts).
3 To make the work of an owner or partner billable, enter their time on either a weekly timesheet or
single activity record:
o Enter the name of the service item you set up to represent the owner's or partner's work.
o Enter the name of the customer (or job, if you are tracking individual jobs for the customer).
o Make sure the time is billable.
4 To invoice a customer for the owner's or partner's work, click Time/Costs when you are writing the
invoice. In the Choose Billable Time and Costs window, click the Time tab. Then select the work that
you want to appear on the invoice.
5 To make owner and partner time part of the job costs on reports but not affect the profit and loss
statement, write a zero-amount check as follows:
o
Write the check either in your regular checking account or in a special checking account that has
no money in it. (You can set up the special checking account specifically to handle checks like
these.)
o
In the “Pay to the order of” field, enter the name of the owner or partner.
o
Be sure the "Print later" button is not selected at the bottom of the window.
o Leave the No. field blank.
o
On the Items pane, enter each service item for the work performed. On each line, enter the
number of hours in the Qty field and the job in the Customer:Jobs field.
o
On the Expenses pane, enter the name of the person's equity account in the Account field. In the
Amount field, enter the negative of the total amount on the Items tab. Do not enter a job name.
If you have not yet invoiced the customer
Be careful not to invoice the customer twice for the same work. When you go to the Choose Billable Time and
Costs window, you'll see the cost both on the Time tab (because you entered the time and made it billable) and on
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