There are three places you can add hourly rates in Financial Cents:
On the individual projects
On an individual team member
On a service item
The hierarchy of the rates are as follows:
Service item rate > Team member rate > Project rate
This means if there is a rate on a project, but also a rate on the service item assigned to the entry it will apply the service item rate over the project rate. For further clarity, understanding the hierarchy ensures that if adjustments are made on the service item, the rates won't reflect onto an individual project unless the project rate itself is edited. This provides flexibility to customize at a granular level.
On the Individual Projects
If you want to set an hourly rate on a client-by-client basis, this is the best way. You cannot assign hourly rates to clients, but you can set hourly rates to their projects. To set your hourly rate you will click the billing rate $0.00/hr on the project, as seen below: You can modify the project's billing rate by following these steps:
1. Navigate to the 'Time Tracking' section within the project.
2. Click on the Billing Rate.
3. Input the new hourly rate and save your changes.
Once you add a billing rate to the project, any time you track time to this project it will automatically apply that rate.
On an Individual Team Member
If your hourly rates differ by team member instead of by a client, you can set your hourly rates by employee. To do this you will go to "Invite Team" > adjust the billing rate as seen below:
On a Service Item
If you determine rates by the service you can create service items to define those rates. This can also be useful if you set rates based on client and the type of work you provide to that client. These service items can be imported from QuickBooks Online or you can set them up manually. To add service items or edit their rates go to Settings > Service items. As seen below:
*** Important note: If you set a project billing rate, this will take precedence and be applied to the time entry by default. If no project billing rate exists, the employee rate will take effect. A service item rate will only apply if explicitly selected in the time entry. This hierarchy ensures comprehensive flexibility for varied billing requirements.***