Don’t forget that QuickBooks Online integrates seamlessly with BQE Core, the award-winning project accounting platform built for professional services firms. Core offers business intelligence, project management, time and expense tracking, billing, accounting, and reporting together in one intuitive package. You can integrate Core with QuickBooks, or handle your accounting within Core so it’s right alongside all of your other essential business processes.
When I set up the “Staff Attorney item in QuickBooks I had established a cost rate, and a “Sales Price.” These are your standard rates for that item. You can, however, establish separate rates at which clients are billed for that item. There are two different ways you can set rates that deviate from the standard rates.
- Billing Rate Levels
- Price Levels
Billing Rate Levels
Billing Rate Levels in QuickBooks are assigned to vendors. This is how you can establish that for any vendor who is assigned this billing rate level, either as a fixed amount (one rate for all items) or item by item, this is what the rate is. You can assign multiple vendors to the same billing rate level. This can save you a ton of time. As you’ll see in the video, by setting this up properly, once the time is entered, it can be dropped into an invoice to a client, with everything perfectly in place. You can literally complete your billing in a few clicks, as opposed to going line by line and setting the rates for each service that you are billing for.
Price levels are a way of assigning separate pricing, specific to the client. In fact, what you’ll see if you watch the video to the end, is that the price level supersedes the billing rate level. In the video I use the example of wanting to establish “Friends and Family” rates. This way you set up the rates once, and then it’s just a matter of assigning that price level to the client or job in QuickBooks. It’s also nice to know that you don’t have to worry that if you used a vendor with an established billing rate level, your friends and family will still be billed based on the price level.
Watch the video on Billing Rates and Price Levels in QuickBooks and see what I am talking about.