About Time Slips

Sage 50 Accounting provides a convenient way for you to keep track of the time your employees spend on various tasks, for both billable and non-billable activities. For services you perform for your customers, you can create sales invoices based on the number of hours spent on an activity. If you are using projects, you can allocate the time or amounts on the time slips to one or more projects.

With time slips, you can track your contractors' time and add these activities to your sales and purchase invoices. (Sage 50 Quantum Accounting)

Using Time Slips to Track Employees

Before you can create time slips, you must add service activities and set up employees. Once you have created all your service activities, recording time spent on activities is a two step process:

1. Record the time you or employees spend on an activity on the time slip.
2. Add time slip amounts to a customer invoice.

After recording time in the Time Slips window, you can pay your employee based on the information recorded on time slips.

If required, you can change billing options for a time slip activity. For example.you might want to modify rates to adjust for a seasonal sale or increased labour costs.

Using Time Slips to Track Contractors (Sage 50 Quantum Accounting)

If you hire a vendor or contractor to perform project work on your behalf, you can enter their hours in the time slips window, if you have set up vendors as contractors. Like with employees, you need to make sure you have set up your service activities before you can begin recording time spent by contractors.

The time slip feature allows you to complete these tasks:

1. Record the time your contractor spent on an activity on the time slip.
2. Add the time slip amounts to a customer invoice.
3. Add the time slip amounts to a vendor invoice.