S Richmond said:

Will the system allow me to enter an employees hours into the time slips and then allow that information to carry over to a job site that I have already set up?

Absolutely, that's what it does.   Activities that are set up, and not inactive, in the Inventory & Service module can be applied to Projects / job sites that are set up, and in progress (not inactive).  

Once time slips are entered, they can be adjusted / corrected until they are applied to invoices and paid through payroll.

S Richmond said:

I am looking for 'real time' profit and loss analysis, and do not want to wait until I do our semi-monthly payroll to allocate hours to job sites...

Processing payroll processes the dollars, so the cost of the hours is no allocated until payroll is run.   The Budgeting functionality works on dollars (rather than hours), so it can't give an answer in advance of payroll either.

There are numerous reports available in Sage 50 (Quantum, I don't have other Editions handy) for Time and Billing - for example, reports that show hours by job site (detail or summary), so you can check up-to-date hours numbers for comparison to estimate. 

 I hope that helps, please post back!

S Richmond said:

Will the system allow me to enter an employees hours into the time slips and then allow that information to carry over to a job site that I have already set up?

Absolutely, that's what it does.   Activities that are set up, and not inactive, in the Inventory & Service module can be applied to Projects / job sites that are set up, and in progress (not inactive).  

Once time slips are entered, they can be adjusted / corrected until they are applied to invoices and paid through payroll.

S Richmond said:

I am looking for 'real time' profit and loss analysis, and do not want to wait until I do our semi-monthly payroll to allocate hours to job sites...

Processing payroll processes the dollars, so the cost of the hours is no allocated until payroll is run.   The Budgeting functionality works on dollars (rather than hours), so it can't give an answer in advance of payroll either.

There are numerous reports available in Sage 50 (Quantum, I don't have other Editions handy) for Time and Billing - for example, reports that show hours by job site (detail or summary), so you can check up-to-date hours numbers for comparison to estimate. 

 I hope that helps, please post back!