Billing rates are used in order to calculate revenues for T&M projects. Billing rates can be chosen for specific roles, i.e. an auditor, a lawyer etc. The user can create an additional level of competence, e.g. a junior auditor and a senior auditor.
The value of the billing rate is the amount of money paid for an hour of work of the company’s employee, i.e. it’s an external rate.
The list of billing rates is used to set basic rates for the company. The client card can be used to change the billing rate for a specific client. The billing rates in the project form are taken from the client form (if available) or from the basic rates list (if not available). Later the user is able to edit billing rates for a specific project.
How to add new billing rate
Go to Billing rates list. Use the dashboard to click Create billing rate. Define Name of the new billing rate, and click Create button.
Billing rate card
- Name — a name of the billing rate
- Description — a short description of the billing rate
- Entity is active — defines the state of the entity (the inactive entity can’t be chosen by the user, but can still be found in reports).
- Rate — the basic value of the billing rate.