Set Up a Billing Rate Level List in QuickBooks 2014
You can use QuickBooks to set up a billing rate level list. A billing rate sets the amount that you charge for service items. For example, whereas a law firm might sell only hours of legal advice, the item “legal advice” would be billed at different rates for different attorneys.
A brand-new attorney just out of law school might have his or her time billed at one rate, while a senior partner in the firm might bill at another, probably much higher rate.
To set up a billing rate, you choose the Lists→Billing Rate Levels List command. When QuickBooks displays the Billing Rate Level window, click the Billing Rate Level button and then choose the New command to display the New Billing Rate Level dialog box.
You use the New Billing Rate Level dialog box to define a billing rate, giving the billing rate level a name, and then set a fixed hourly rate for the bill rate level or different hourly rates for different service items.
After you create billing rate levels with the Billing Rate Levels List command, by the way, you need to connect the billing rate levels with specific employees so that the correct rate gets used when an employee’s time is billed.
To do this, display the Employee Center window by choosing the Employees→Employee Center command. Then right-click the employee, choose Edit Employee from the shortcut menu, click the Additional Info tab when QuickBooks displays the Edit Employee dialog box, and select the appropriate billing rate in the Billing Rate Level list box.