Updating Resource Rate History

In this article:

1. How to enter a person's rate history

   1. Manually

   2. Based on salary

   3. Based on standard rates

2. Configuration required for standard hourly rates

3. Configuration required for rates based on salary

Only Administrators can configure people's cost and charge rates due to the sensitive nature of the information.

1. How to Enter a Person's Rate History

Once an administrator has done the configuration in the background, they can then enter people's cost and charge rates.

Start by going to the Resources module and search for the person whose rate you wish to update.

Click into their profile and navigate to the Rate History sub-nav. To add a new line, press the yellow + icon.

Start Date refers to the date that these rates came into effect. This will affect reporting in that any reports run for the period before the start date entered will be calculated based on the previous rate history entered (or it will be $0 if there is no prior rate history entered).

A) Manually Calculated Rates

To enter rates manually, you do not need to select a classification, multiplier, or Employment type.

Simply set the "Charge Rate Calculation" and "Cost Rate Calculation" fields to Manual and fill in the Cost Rate and Charge Rate fields.

Press the green save icon when you are done.

B) Automatically Calculate Resource Rates Based on Standard Rates

Once the standard set of rates have been configured, you can just select the resource Classification and set the "Charge Rate Calculation" and "Cost Rate Calculation" fields to Per Classification.

When you press the green save icon, the rates will automatically calculate.

C) Automatically Calculate Resource Rates Based on Salary

Once the Multipliers and Employment types have been configured, simply select which Multiplier applies to the selected resource, select their Employment Type, and enter their Salary.

Then set the "Charge Rate Calculation" and "Cost Rate Calculation" fields to Automatic.

When you press the green save icon, the rates will automatically calculate.

2. Configuration Required for a Standard Set of Hourly Rates

Start by going to Configuration > Resources > Classifications.

Press the yellow + icon to add a new one.

Code = the abbreviation of the classification name

Classification = The classification name

Start Date = the date that these rates came into effect. This will affect reporting in that any reports run for the period before the start date entered will be calculated based on the previous rate history entered (or it will be $0 if there is no prior rate history entered).

Charge Rate = The rate at which the user's time will be billed to the client

Cost Rate = The rate that the resource costs the business.

Charge Weekly Hours and Cost Weekly Hours = Add a cap to the weekly hours per person allocated to the classification.

Requires Timesheet Comments = Does this person need to write comments against their timesheet before submitting?

Press the green save icon when you have filled in the required details

This can now be selected when updating a resource's rate history.

Changes can be made to the classifications by clicking on the cells and typing the changes. The effective date for all changes gets selected in the top right corner of the page.

3. Configuration Required for Rates Based on Salary

Start by going to Configuration > Resources > Employment Types.

Press the Yellow + icon.

Enter each type of employment and the hours expected to be worked in a year. This is because the salary is entered as an annual number. If salary is being entered for a different time frame (such as monthly) than the hours should be entered for the same.

Press the green save icon when you are done.

Repeat this process to add more employment types.

Then navigate to the Rate Multipliers sub-nav.

This is where you add the base multipliers.

Press the yellow + icon to add a new one.

Cost Multiplier = the rate at which the salary will be multiplied by to determine the cost to the business. This would usually be 1.

Charge Multiplier = The rate at which the salary is multiplied by to determine how much will be billed to the client. For example, enter 1.5 if you want the Charge rate to be 50% more than Cost Rate. 

Base Rate = Use this field to enter a flat dollar value of margin.

Press the green save icon when you are done.

Now you can use the method outlined above to enter resources rate history based on salary.