Calculate project costs out into the future with these hourly rates.
Project costing involves setting the salary and billing rates for each task and each employee who works on them. But what happens when your projects extend into next year, or the year after. Certainly, your salary rates will increase by then, and possibly your billing rates. So those are future billing rates, or estimates of what your costs will be and what you'll charge your clients.
You can set billing and salary rates for each project, and each employee. In other words Joe on Project A will bill out at a different rate than Joe on Project B. But you can also set these rates for date ranges in the future, for instance next year and the year after.
Actually, billing rates can be set for any arbitrary date range. Your date ranges do not need to correspond to yearly boundaries -- January to December. They can span multiple years or portions of years. You set the date range. After creating a series of date ranges, you can then set all the project and employee rates for those date ranges.
You'll see the effect of future billing rates when you create project tasks, and when you log time. Tasks scheduled for the future may invoke these special rates, thus allowing you to more accurately forecast your project costing on multi-year projects. Logging time is the same way. When you enter hours into the timesheet, the program first checks to see if the time log is in one of the date ranges. If so, it applies the special rate. But if not, it applies the default rate that is used for all other time logs.
Both time logs and project tasks have Client rate, Salary rate, Cost client, and Cost salary fields. These fields are calculated based on the date of the record. As we stated earlier, the program first checks to see if the record falls inside a billing date range and applies that rate first. If not, it gets the default rate.