Managing Rates for Time and Disbursements

An FYI Admin can configure various Rates that can be used when creating time entries in FYI.

There are two types of Rates in FYI used to invoice clients for costs associated with a job:

• Time - the value of time spent by employees.
• Disbursements - costs incurred by the business to complete a job.

Rates can be set up for specific roles or tasks, and when added to time entries, can then be invoiced to a client. For example, setting up specific disbursements for Travel and Xero Ledger Subscriptions. For Time you may have different rates based on each role such as Administration, Accountant, Manager or Partner.

To add non-chargeable time against a client, create a Time Rate for $0.00. Users would then select this Time Rate when creating time in FYI.

Once rates have been created, they can be assigned to Clients, Jobs, and Users. Refer to the following articles:

• Client Settings
• Job Summary
• Assigning Time Rates to Users

Reviewing Existing Rates (Practice Sync Only)

For practices migrating from a practice management source such as MYOB AE/AO, existing and historical Rates will be migrated and pre-populated as part of Practice Sync. For further information on Time Rates synchronised from Practice Sync, refer to Time Rates created by Practice Sync.

This sync will result in numerous rates being available in FYI. To ensure that rates in FYI can be easily maintained moving forward, it is recommended that an FYI Admin reviews these rates in FYI and where required, create New Rates directly in FYI. 

Note: Practice Sync refers to MYOB practices integrated with FYI using the Practice Sync App. Refer to Practice Sync Integration with MYOB AE/AO (Australia and New Zealand).

Displaying and Managing Rates

1. Click Settings in the top right-hand corner.
   
   
2. Select Practice Settings, and then Time & Invoices.
   
   
3. Click the Rates tab. A list of the active Rates will be displayed by default.
   
4. To view archived rates, click the Unhide the Archived rates icon.
   
5. To hide the archived rates, click the Hide the Archived Rate icon.
   

Creating New Rates

Time Rate

1. Click the + Add button.
   
   
2. The Create Rate drawer will be displayed.
   
   
3. Select the Rate Type of Time from the drop-down. 
   
4. Enter a Name for the Rate
   
   
5. Enter the Billable Rate and the Base Rate. 
   Note: the Billable Rate is the amount that will be charged to the client. The Base Rate is what is recorded as the cost to the business on the time entry, and is used for internal reporting purposes only.
   
   
6. Select the Start From date this rate will be effective from.
   
   Migration Note: If users will need to enter time prior to the WIP migration date, you may consider backdating this date. Be aware that if the rate is higher than imported time rate, the WIP may be updated to this rate.
   
   
7. Click Create.

Disbursement Rate

1. Click the + Add button.
   
   
2. The Create Rate drawer will be displayed.
   
   
3. Select the Rate Type of Disbursement from the drop-down. 
   
4. Enter a Name for the Rate
   
   
5. Enter the Billable Rate and the Base Rate. 
   Note: the Billable Rate is the amount that will be charged to the client. The Base Rate is what is recorded as the cost to the business on the time entry, and is used for internal reporting purposes only.
   
   
6. Select a Tax Rate from the drop-down. Tax Rates are synchronised from the Xero Ledger connected to FYI (if there are multiple connections, FYI will load the Tax Rates from the Xero Ledger that was connected first). Refer to Connecting Xero Ledger
   
   Note: Once a Rate has been selected, this field will be marked as read-only and cannot be changed. Where a Disbursement does not include GST, the Tax Rate 'GST Free Income' must be selected. The 'GST Free Expense' Tax code cannot be used on an Account code in Xero.
   
   
7. Select the Start From date this rate will be effective from.
   
8. Click Create.

Updating Time & Disbursement Rates

From time to time, you will need to update your Rates. For example, each year you may adjust your billing rate and any previously agreed time will need to be retained. 

Changes to the Billable Rate, Base Rate, and Start From date are displayed in the Versions section of the Update Rate drawer.

To view the versions:

1. Click on a Time or Disbursement Rate in the list to display the Update Rate drawer.
   
   
2. The Versions will be displayed at the bottom of the drawer. 
   
   The Update Rate drawer for Time is displayed similarly to below.
   
   The Update Rate drawer for Disbursements appears as below.
   
3. Click the pencil icon to adjust the rate.
   
   
4. The details will be populated into the fields at the top of the drawer.
   
   
5. Make the changes as required and click Update.
   Note: Changing the date will create a new version. All subsequent time entries will be created with the new rates.
   
   
6. The updated details will be displayed in the Activity section of that Versions.

Time & Disbursement Rates Activity Log

Changes to the Name of Time & Disbursement Rates will be displayed in the Activity section.

Changes to the Name, Billable Rate, Base Rate or Start From date will update the Version. Changes to the Start Date will create a new version.

Activity will be displayed for each version, as well as the overall Rate.

Clicking the Show more link in the Activity section will expand the list of activities for each Rate.

Archiving Time & Disbursement Rates

Time and Disbursement Rates can be archived in FYI. Once archived, it will no longer appear as an option when assigning rates. The Rate will remain assigned to existing Jobs, Clients and Users. The rate will also remain assigned to Time and Disbursement Entries, and can be updated to select a new active Rate, unless the entry has a Locked status.

Archive Rates

1. Select one or more Rates from the list.
   
2. Click the Archive icon in the toolbar.
   
3. The message "You're about to archive (x) rates" will be displayed, with x representing the number of rates selected. Click OK to confirm.
   Note: If you are archiving a Time Rate that is currently assigned to one or more clients, jobs, or users, a message will display with a list of where the rate has been selected.
   
4. Click OK to proceed. 

Restore Rates

If the rate was previously assigned to users before being archived, when the rate is restored, it will remain assigned to these users automatically. A warning will be displayed showing the list of users when restoring the rate.

1. To view archived rates, click the Hide the Archived Rate icon.
   
2. Click the Restore button in the toolbar.
   
3. The message "You are about to restore (x) rates" will be displayed, with x representing the number of rates selected. Click OK to confirm.
   Note: If the rate was archived while it was still assigned to a client, job, or user (and has not since been updated to select a new one), it will be selected automatically.
    
4. Click OK to proceed.