Simplify Your Expense Bill Format for Marketing with airSlate SignNow

Expense bill format for Marketing

NetSuite provides ways for users to bill costs to customers on invoices. But what does that process look like? Let's talk about billing costs to customers in NetSuite. We'll look at the setup required to use this feature, and then we'll look at how billable expenses, billable items, and billable time each function in NetSuite. The first order of business is to ensure that your NetSuite instance is set up to bill expenses, items, and time to customers. To turn on this feature, navigate to Enable Features and select the Transactions subtab. Under the Billing section, ensure that Bill Costs to Customers is turned on. Now let's look at the three types of billable costs: expenses, items, and time. We'll start with billable expenses and billable items. These two features share many similarities, so we'll cover them together. When would you need expenses or items to be billable? Suppose you used a subcontractor to complete a job for one of your customers. You could pass on the cost of that subcontractor directly to your customer by billing your customer for that expense. Or suppose you purchased a specific item for your customer. As with billable expenses, you could make that item billable in order to pass along the cost of the item to your customer. To create billable expenses or billable items, you would use purchase orders, checks, or credit card transactions. For any of these options, you would simply need to create the transaction, identify the expense or item on the transaction, identify the customer that the item or expense applies to, and select the Billable checkbox. Once you have created a billable expense or billable item, it can be selected on invoices. After you create an invoice and select the customer, this invoice applies to any expenses or items that are connected with that customer will appear under the Billable Expenses and Billable Items subtabs. For each of these categories, you can select the Mark All button in order to apply all the billable expenses and items for this customer to this particular invoice. Or, if you need to create multiple invoices for this customer and separate out certain expenses and items, then on each invoice you would select the specific costs you need to bill for that invoice. Perhaps you would like all your expenses and items to be billable automatically. To do this, you can enable the features Expenses Billable by Default and Items Billable by Default, both of which are located under the Time & Expenses subtab of Accounting Preferences. Now let's look at billable time. Billable time shares some similarities with billable expenses and items, but it also has several unique qualities. Your company should track billable time if you need to charge your customers for the time your employees spend providing a service for them. For example, if your company provides consulting services then employees would need to keep track of the time they spend working with different customers so that you can bill each customer for the specific amount of time they received from your employees. In order to use billable time in NetSuite, you need to set up time tracking first. To enable the time tracking feature, navigate to the Time & Expenses section of the Employees tab in Enable Features. Once this feature is turned on, you also need to specify your company's time tracking preferences under the Time & Expenses tab of the Accounting Preferences. While many of these preferences are specific to tracking time, such as determining the maximum number of hours that an employee can enter for a day or a week, other preferences deal directly with billable time. One of these billable time preferences is the option to override rates on time records. This preference permits users to adjust the default rate on a time record, allowing them to charge different rates for different customers in different projects, depending on the situation. The preference Require Approvals on Time Records ensures that users don't bill customers without the approval of a supervisor. The preference Time Billable by Default will automatically check the Billable box on time records, while the preference Copy Time Memos to Invoices ensures that the memos employees include on their time records will also appear on the related invoice. When employees need to track billable time, they would create a new time tracking transaction record by navigating to Transactions > Employees > Track Time. On this page, they would identify the customer or project this time applies to, identify the specific service that was done, and select the Billable checkbox. Now, when an invoice is created for this customer, any billable time previously entered for the customer will appear under the Billable Time subtab. Users can either select all the times on this invoice using the Mark All button, or they can manually select specific times. Thanks for watching. If you enjoyed this video, let us know by hitting the like button. And to learn more about how SuiteRep can help you with all of your NetSuite needs, visit us at suiterep.com.