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How to Set up My Billing Rates
How to Set up My Billing Rates

How to add your hourly rates in Financial Cents for time tracking

Shahram Zarshenas avatar
Written by Shahram Zarshenas
Updated over a week ago

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.

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:

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 QBO 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 be the rate applied to the time entry by default, even if the employee has a rate applied to them. If there isn't a project billing rate, then the employee rate will be applied to the time entry. If the employee rate is $0/hour, then their time entries will default to non-billable. If you want to attach a service item to a time entry, you will have to manually select that service item.***

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