Rates Setup Guide

To build a rate table, you must first define its columns. Rate columns categorize your rates by type (labor or equipment) and financial purpose: cost rates represent the internal expense incurred by using a resource, while billable rates represent the amount charged to a client.

To handle complex markups, create a calculated column. You can build a custom formula using existing rate columns, multipliers, and other mathematical functions to automatically calculate your rate.

• Required User Permissions

• After you create a rate, the Resource Category cannot be edited.

• Columns cannot be deleted. However, they can be edited and repurposed.

• You can only select cost and billable rates that match your calculated rate's unit of measure (UOM).

1. Navigate to the company's Rates tool.

2. Click the configure settings icon.

3. Click Create and select Calculated Rate.

4. Enter the flat rate column information.

   Show/Hide Fields

   • Name. The name of the column.

   • Rate Category. Whether the rate is a cost or billable rate.

   • Resource Category. Whether the rate is applied to equipment or labor.

   • Unit of Measure. The unit of measure applied to the rate.

   • Description. A description of the rate.

5. In the 'Formula' section, create the formula for your calculated rate.

   • Click Add and select from the following to add your formula:

     • Cost Rates

       1. Select a Cost Rate with the same unit of measure (UOM) as your calculated rate.

     • Billable Rates

       1. Select a Billable Rate with the same unit of measure (UOM) calculated rate.

     • Custom Multiplier

       1. Enter the multiplier value.

       2. Click Add.

     • Parentheses

       1. Click Add again to select the Cost Rate, Billable Rate, Multiplier or another Parentheses.

   • After more than two rules have been added, you can select the mathematical operator to change it + - * /.

   • As you build your formula, click anywhere within the formula to add new rules to the formula.

6. Click Add to create the calculated column.