Managing Rates for Time and Disbursements

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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.

Creating New Rates

Time Rate

  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 current Rates will be displayed.
    3013_Rates_List.gif
  4. Click the + Add button.

  5. The Create Rate drawer will be displayed.

  6. Select the Rate Type of Time from the drop-down. 
    3348_Create_Time_Rate.gif
  7. Enter a Name for the Rate

  8. 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.

  9. Select the Start From date this rate will be effective from.
    3014_Create_rate.gif
    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.
  10. 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. 
    3349_Create_Disbursement_Rate.gif
  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.

  7. Select the Start From date this rate will be effective from.
    3350_Create_Disbursement_tax.gif
  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 as below.

    3014_Update_time_rate.gif
    The Update Rate drawer for Disbursements appears as below.

    3421_Update_Disbursement_Rate.gif

  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.

3422_Disbursement_Rate_Activity.gif

Deleting Time & Disbursement Rates

Time and Disbursement Rates can be deleted from FYI. To delete a Rate, you must ensure that the rate is not assigned to any active users. 

Once a Time or Disbursement Rate has been deleted, it will no longer appear as an option when assigning rates. The Rate will remain assigned to existing Time and Disbursement Entries, and unless the entry has a Locked status, can be updated to a new Rate if required.

  1. Select the Rate from the list and click the Delete icon in the toolbar.

  2. The message "Are you sure you want to remove the selected time rate?" will display. Click Yes to confirm.

    Note: If you are deleting a Time Rate which is currently assigned to one or more active users, a message will display with a list of where the rate has been selected. The rate will need to be unassigned before being deleted. Refer to Assigning Time Rates to Users
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