billing and tracking time

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Martin Kobetic

Dec 12, 2023, 10:50:09 PM12/12/23
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I suspect this has been discussed before, but I'm not successful finding the answers I'm looking for. I found a few posts and articles talking about the various features that help tracking time, but that's not what I'm after. I'm trying to come with a reasonable account scheme to track the time spent as transactions as well and do the billable -> receivable -> paid dance with it. This is what I arrived at, that seems fairly reasonable, but can no doubt be improved upon. It seems to satisfy my requirements which is being able to report

1) hours to be billed
2) outstanding billable hours
3) pending receivables
4) income
5) taxes collected

So here's what I've got as an example (billing myself for the time spent doing things today)

2023/12/12 Me ; studying Beancount docs
Assets:Billable 3.00 H
Equity:Time -3.00 H

2023/12/12 Me ; moving DNS to cloudflare
Assets:Billable 1.50 H
Equity:Time -1.50 H

2023/12/12 Me ; moving blog to cloudflare
Assets:Billable 1.50 H
Equity:Time -1.50 H

2023/12/13 Me ; invoicing billable hours
Assets:Billable -6.00 H
Liabilities:HST -13.00 CAD ; services tax 13%
Assets:Receivable 113.00 CAD

2023/12/14 Me ; invoice paid
Income:Consulting -113.00 CAD ; payment
Assets:Bank:CAD 113.00 CAD ; add it to assets
Assets:Receivable -113.00 CAD ; take it out of Receivable
Equity:Repaid 113.00 CAD ; repay time taken out of Equity

With this to answer the questions above I would use something like

1) register -notes -payee Me Billable
2) balance of the above
3) Receivable
4) Income:Consulting
5) Liabilities:HST

It also seems reasonably sensible with regards to Equity. I can't say I fully grasp the meaning of Equity, at times it feels like a trashcan for things that don't fit into the other four buckets. But repaying the Time taken out back to it seems sensible, instead of just perpetually taking Time out of it. Also if not paying it back to Equity then where if I want the payment transaction to balance?

Appreciate any corrections or comments.

Thank you,

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