Set Time & Expenses Preferences in QuickBooks 2012
To turn on time tracking within QuickBooks 2012, select Do You Track Time? by selecting the Yes radio button in the Company Preferences tab for the Time & Expenses Preferences set. You can also use the First Day of Work Week drop-down list to indicate which day should appear first on the Weekly Time Sheet window.
(This is what you use to describe billable time for the week.) You may want to look there if you have questions about tracking time and billing for that time.
You may need to scroll down the list of Preferences to see the Time & Expenses preference settings.
Use the Invoicing Options boxes to indicate how you want to track reimbursed expenses. For example, to indicate that you will sometimes want to base invoices on accumulated time and expenses, mark the Create Invoices from a List of Time and Expenses box.
Furthermore, to indicate that you want to track reimbursed expenses that you bill and then later collect from customers or clients as income, mark the Track Reimbursed Expenses as Income box. The Default Markup Percentage box lets you specify a default retail markup percentage to use in your pricing (although you should double-check that it’s showing up properly on estimates before you count on it).