We recommend that everyone in your company who draws a paycheck (including principals) should enter time in BillQuick Online so that you have an accurate accounting of the hours (and thus, dollars) invested in your business. It can be a bit odd for non-project personnel to do so since BillQuick Online is ‘project-centric’, however, this ensures consistency in the use of a single program to record time. These ‘indirect’ people can basically make the same entry (say Project=GEN:Off, Activity=clerical) from one day to the next and the system will send the time to the appropriate general ledger account in your accounting software.
BillQuick Online requires a bill rate and cost rate for the employees and vendors working on billable projects. You can calculate the cost rate as:
Cost Rate = Pay Rate x Overhead Multiplier
BillQuick Online applies a Cost Rate to actual hours worked to compute the Cost Amount for a time entry when you save it. BillQuick Online applies rates according to the Rate Hierarchy (see above). When you update the OHM, BillQuick Online applies the new cost rate (Pay Rate x new OHM) to all the new time entries for an employee. When you create a new budget (that includes optional costs) after updating OHM, it also uses the updated cost rate. However, BillQuick Online does not retroactively update cost amounts for previous time entries or budgets.
To update budgets for new cost rates, you must manually change them. Similarly, you might have to update manually the cost rates for time entries.