How Do I Update Rates?

You might need to update or replace rates at any time. For example:

• A revised contract might result in new bill rates
• At year-end, you would update fee schedule items (or several times per year) for the New Year’s rates
• At year-end, you can convert default employee rates to special fee schedule rates so as to easily handle ‘special deals’ offered to clients
• An employee received a raise
• The cost of employee benefits or other overhead items changed
• Higher costs are anticipated for the new year
• You want to recover profits siphoned by the weak economy over the past few years
• A new service is being offered

There are various ways of updating rates:

• You can change the bill and cost rates for a single time or expense entry in the time entry or expense entry screens (Sheet View, Timer, Expense Log, etc.). BillQuick Online uses this new rate to compute the bill value for the entry.
• If a fee schedule is assigned to a project and you change rates in the assigned fee schedule, the next time a timekeeper charges hours or expenses to the project (that find a match in the schedule), BillQuick Online uses the new rate to compute the bill value for the entry. For example, on the first day of a new year, you would update SFS rates for a project. From that point forward, BillQuick Online applies the new rates to hours worked on it.
• When you modify the pay rate of an employee (say a raise), BillQuick Online scans the fee schedules to check if you used a Pay Rate Multiplier for that employee. If so, it prompts you to update the bill rate in those fee schedules.

However, changing schedule items or updating its rates does not modify previously recorded time entries.

All the above options require you to have security permissions to view and update bill and cost rate information.