- Category: Blog
- Published: Thursday, 06 August 2015 17:17
- Written by Ray White
I was wondering if you could show me how Standard Time® handles project rates and project costing. How do you do that?
Yes, I can go into that. That story basically starts here with Tools, Projects. I’m going to go in here and show you where to start with that. I’m going to choose a project here and there’s a few fields that control or at least begin to control some of the rates and costing for each project. You’re going to see as you click on different projects you can actually have different models or ways to do your billing and have different rates for each project. So if you pull down the drop down you’ll see that there are user rates, category rates and project rates. As you click on different projects here you’ll see those two fields change to show the different models.
So each project has its own way of doing it or you can set it up per project.
Exactly. In this case we’re using project rates in which you can see here. But in this case we’re using user rates. So if you went to the Tools menu and choose Users and organizations you’ll be able to set those rates there. You start off your billing method by choosing those choices there. The next thing you’ll see in the product is a few other menu items to set the billing rates on a project by project basis. You can go in here either into Employee Billing Rates or Category Billing Rates. I’m going to choose Employee Billing Rates. And here you’d be able to choose a project from the left-hand side, set the rate for each user so that every user has a different rate for every project.
OK. Instead of using what’s in their profile, the flat rate that they have in their profile, it can be different per project based on the user or type of work.
That is correct. And I’ll show you how that works out in the product. As we go over to the Project Tasks tab, I filter this view so that we’re looking at a small green house project. I have two tasks here; one task is assigned to Ray and one task is assigned to Buzz. Each one has 100 hours of duration but one task is going to bill at $250 an hour whereas the other will bill at $50 an hour. It’s all because of the different user that’s assigned to that task.
It’s based on that user rate!
You can see that here. So if you multiply the 100 hours x $250 you’ll get $25,000 for the cost you’d charge the client. In this case 100 x $50 is $5,000 for this project task. So the total is $30,000. We also see here we’ve logged 1 hour of time for each of these tasks; that’s simply done by typing 1 hour into the timesheet. You can see there is $300 charged already. So that would go to accounts payable for invoicing. That leaves a remaining of $29,700. You can see how it breaks out on the task below.
That makes sense!