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Charge rates are used to calculate the chargeable value of WIP that is posted to a client account through timesheet or expense postings Charge Rates are usually calculated from the cost to the practice of the staff member (for example, the individual's salary) factored up by a certain percentage or value.
To create a new Charge Rate:
Log into the Time Ledger as a user who is allowed to change and assign Charge Rates. Click here for more information on staff allowances.
Click File.
Select Charge Rates.
Click New.
This will display the new Charge Rate screen.
The following information must be completed:
This is a unique code that relates to the Charge Rate. This code will be used when selecting a the Charge Rate to use for a time or expense posting. If the user is not able to see Charge Rates (as defined under Allowances when on the Staff Maintenance screens) the Identifier can be used by the user to recognise a Charge Rate.
The code that is used for the Charge Rate Identifier will be determined by your practice requirements, however the following suggestions may be applicable to you:
This solution assumes each staff member will have their own Charge Rate, by using their initials the rate can be easily identified as belonging to that staff member.
If multiple Charge Rates are going the be used for a staff member, the staff initials with extra identification information can be used to identify a rate. For example, the initials followed by the percentage of the standard rate or the hourly value of the rate.
If rates are going to be used for multiple staff members (for example, those on the same level), that group could be used for the Rate Identifier. For example PTN for all partners, MAN for all managers, and so on.
The hourly charge rate could be used as the identifier giving instant recognition of the Charge Rate assigned to the staff member. Remember, using this suggestion would render the Charge Rate visibility permission useless (see Allowances on the Staff Maintenance screens for more information).
It is recommended that the staff members initials are used as the Charge Rate Identifier.
It is possible to change the identifier on a Charge Rate at a later date if desired. This will have no negative effect on existing postings using that rate (that is, the information will automatically be converted to the new rate retrospectively).
For more information on changing Charge Rate Identifiers see the Changing Charge Rates topic.
Enter a brief description about the rate being used, this may be the staff member the Charge Rate relates to, the group of staff in the system or the rate itself.
A date must be entered which relates to when the Charge Rate will be valid from. If a posting is made before this date a warning will be produced by the system. To select the Effective date from a calendar click on the button to the right of the field.
It is possible to have multiple Effective dates on a single Charge Rate, for example, after an annual salary review you may want to increase the Charge Rate, but postings made prior to that date retain the previous rate. For more information on setting up multiple Effective dates for existing Charge Rates see Changing Charge Rates.
In the Rate Per Hour field enter the cost per hour in pounds and pence for the Charge Rate you are creating. The rate must always be entered for an hour regardless of how you post time, for example, units, decimal or hours and minutes. For more information on posting options see the Time Entry screen in the Time Ledger Options topic.
Once you have entered the information on this screen as desired click Insert to save the changes to the system. If you are not happy with the information you have entered, click Cancel.