Chapter 9 Project Costing and Billing for time and expenses

match the term or phrase (as used in quickboks) to its best definition.

A False. The dollar amounts billable to customers are determined using the service Item rates set in the item list. The amount billable to a customer would be the rate multiplied by the hours charged to the job on the timesheet ANSWER T QuickChe 9-1 CHAPTER SHORTCUTS A A Add a Job 1. Click Customer Center 2. Highlight Customer 3. Click New Customer & Job/Add Job Enter a timesheet 1. Click Home 2. Click dropdown menu next to Enter time 3. Click Use Weekly Timesheet Charge customers for billable time and expenses 1. Click Create Invoices (or Sales Receipts) on Home page 2. Enter Customer:Job 3. Click Select the outstanding billable time and costs option a. Billable time and costs can also be accessed by clicking Add Time/ Costs on the invoice or sales receipt A CHAPTER REVIEW Matching Match the term or phrase (as used in QuickBooks) to its best definition. 1. Job 5. Payroll Info 2. Billable 6. Time by Name report 3. Preview Paycheck 7. Tnfo 4. Time by Job Summary report & Loss by Job report Report that displays revenue and expenses by job for a specified period of time Tab in employee record where option to use timesheets to create paychecks is selected Tab in customer job record where start and end dates for the job can be entered Identifiable project tracked for a specific customer Report that summarizes timesheet hours by job and service Report that summarizes timesheet hours by employee name and job Field in timesheet used to flag hours chargeable to a client Window used to review employee earnings and deductions before a paycheck is created Multiple Choice 1. An engineering company enters into "fixed-fee" and "time-and-materials contracts with its clients. The company: 4. would have no reason for tracking labor hours for "fixed-fee" jobs. I would have no reason for tracking labor hours for "time-and-materials" jobs. would normally track labor hours for both "fixed-fee" and "time-and-materials" jobs. d. must track hours for "time-and-materials" jobs but should never track hours for "fixed-fee" jobs. Section Four Payroll, Project Costing, and Billing for Time 2. A service item must be selected for timesheet entries: 4. only if time will be billed to a client. b. only if the user tracks time by job but doesn't bill time to clients. c. if user tracks time by client (whether time is billed or not). d. None of the above. Timesheets never have to include service items. 3. The rates used to bill clients for employee hours are: 4. found in the item list. b. found in the employee center. c. always set when the invoice or sales receipt is created. d. Found in either the item list or employee center, depending on preferences selected. 4. Which of the following statements is not true? a. Both expenses and items can be identified as billable as part of the entry of a vendor bill. b. Changes to hours and Customer:Job can be made in the preview paycheck screen. c. If changes are made to Customer:Job in the preview paycheck screen, the related timesheets will be automatically adjusted. d. Data entered into timesheets in QuickBooks should be carefully reviewed before paychecks are created. _ in the Reports dropdown 5. The Time by Name report is found under menu. 4. Accountant & Taxes b. Lists c. Jobs, Time & Mileage d. Company & Financial ASSIGNMENTS Background information: You have decided to open your own law firm, specializing in famil