You’ve heard of vendor bills for time. But what is it exactly? Why would you use it? And how do you get started with it?
This article answers all of these questions and gives you the big picture of vendor bills for time. It'll summarize key aspects of this feature, and direct you to specific articles for more information. That way, you can get an overview of this feature before diving into the details.
Let’s get started.
Vendor Bills for Time: What It Is and Why To Use It
Many firms have vendors or contractors track their hours in BigTime. We can calculate these hours and pool them together into a bill that’ll be posted to QuickBooks, since BigTime can track a staffer’s cost rate.
Don’t be confused: BigTime also has vendor bills for expenses, which posts to QuickBooks based on expenses. In this article series, we’re focusing on vendor bills for time, which posts to QuickBooks based on time.
Vendor bills for time make it easy for financial admins, who can run a report to see how much they owe the vendor.
It’s also easy for staffers. That’s because nothing changes from the staffers point of view when logging time in a timesheet: staffers will enter and submit their time as usual. The review and approval process will also work the same way.
How It Works
Activate Vendor Bills for time and determine how you want your vendor bills for time to be summarized in order to use this feature. Then, you’ll be ready to create a vendor bill.
Nothing changes from the staffers point of view when logging time into their timesheet: staffers will enter and submit their time as usual. The review and approval process will also work the same way.
As soon as a staffer submits their hours, it’ll go through the typical approval process and immediately be available to begin creating a bill.
Create bills for time on the Vendor Bills Dashboard (QuickBooks...Create Vendor Bills). You can also view or edit a drafted bill, as well as post or delete a bill.
Complete these actions in the tiles shown above. Here’s a short summary of each (moving left to right):
* Unposted vendor time - all unbilled time for staffers and vendors
* Drafts - vendor bills that are drafted, but still in process.
* Posted bills - bills that have been posted to your accounting system.
The Information You Need
Get the vendor bill information that you need by adding extra fields to your Timesheet report.