Use Time and Materials billing for projects that have payments based on actual expenses such as equipment
time, employee time and material purchases.
HINT-- Time and Materials billing is a very useful part of the Goldenseal accounting
software and project management software.
Time and Materials Billing BASICS
When to Use | Setup | Billing
OTHER BILLING TYPES
Sales | Draw Schedules | Progress
Payments | Allowances | Change
Orders | Rentals
WEBSITE INFO LINKS
Billing Software | Project
Billing Software | Project Management Software
| Accounting Software
Billing commands | Billing Records | Depositing
Funds | Project Accounts
When to use Time Billing
Use time and materials billing for any size of project that is billed on actual
expenses plus an additional amount to cover "soft costs".
HINT-- Time and Materials billing is sometimes called "cost plus" billing.
Project Billing Setup
Follow these steps to set up for time and materials billing:
- Create a Customer account for the person or business who is paying you for the
- Create a Project account for the work you'll be doing.
- Click the More Info button, and enter Time and Materials into the Billing Type field.
- Click OK.
After you start work, enter your costs into Goldenseal so you can bill for them. For example, to enter employee
hours for a T&M project, follow these steps:
- Choose Labor Hours from the Costs menu.
- Click the New button.
- Enter the employee, the hours, and other details about the work.
- Enter Project into the Job Class popup field.
- Enter the time and materials project into the Job field.
Time and Materials Bills
To create bills for several time and materials projects, follow
- Choose Billing from the Bank menu, and choose Time and Materials from the
- Select the projects that are ready to bill now, and click the Create Bills button.
- Goldenseal will create Billing Records with a Time and Materials breakdown that itemizes the work that is included in the current bill.
To create a bill for one time-and-materials project, follow these steps:
- Choose Billing Records from the the Bank menu.
- Click the New button.
- Enter Project into the Account Type popup menu.
- Enter a project into the Account field. The project must have Time and Materials as a Project Type.
- Enter T&M Billing into the Breakdown popup menu.
- Goldenseal will automatically fill in a list of expenses that are ready to be billed for this project.
Enter the following information in each column of a time and materials
Bill-- Turn on the checkmark to bill for this item now.
Cost Type-- Goldenseal fills in the source of each time and materials item.
Supplier-- Goldenseal fills in the supplier for each time and materials item.
Record Number-- Goldenseal fills in the record number of each time and materials item.
Date-- Goldenseal fills in the date of each time and materials item.
item-- Goldenseal fills in a brief description for each time and materials item.
Cost-- Goldenseal fills in the cost of each time and materials item.
Markup-- Goldenseal calculates markup for each time and materials item. Set the markup in the Project Payment Terms.
Bill Now-- Goldenseal shows the amount that you are billing for in this bill.
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