Changing Cost Rates

A Cost Rate is used to evaluate the cost to the practice of any time or expense that is posted to the Time Ledger, the use of Cost Rates are optional and can be turned on or off under the General tab of the Time Ledger Options.

 

To change the information for an existing Cost Rate complete the following (click here for information on creating a new Cost Rate):

  1. Log into the Time Ledger as a user who is allowed to change and assign Cost Rates. Click here for more information on staff allowances.

  2. Click File.

  3. Select Cost Rates.

  4. Highlight the Cost Rate you wish to modify.

  5. Click View.

This will display a screen containing the information relating to the Cost Rate information:

Rate Identifier

This is the identifier used to recognised the Cost Rate on the system, as defined when the Cost Rate was originally created. It is possible to change the Rate Identifier, all postings made using this rate will then reflect the new identifier automatically.

To change the identifier, on this screen:

  1. Click Advanced at the bottom of the screen.

  2. Select Change Identifier.

  3. In the window that appears enter the new identifier.

  4. Click OK.

The new Rate Identifier will now be reflected at the top of the screen.

Description

This is a brief Description about the Cost Rate, it this may be the staff member the Cost Rate relates to, the group of staff in the system or the rate itself. To change the Description simply type in the information you would like to be displayed and click Update at the bottom of the screen.

Date Effective/Rates

In the centre of the screen are listed the hourly rates assigned to the selected Cost Rate and the date each rate is effective from in chronological order.

This use of multiple rates allows adjustments to be made to the Cost Rate on occasions such as salary reviews whilst still retaining the correct rate for postings made with dates prior to that adjustment.

The beauty of this facility is that each staff member required only one Cost Rate for the duration of their employment in the practice, simply update the hourly Cost Rate for the individual as and when necessary:

View Date (Amend Existing Rate)

The rate per hour and Date Effective can be adjusted from the current screen by:

  1. Highlight the Date/Rate you want to modify.

  2. Click View Date.

  3. Amend the date Effective and/or the Rate per Hour as required.

  4. Click Update.

The modified Cost Rate should now be reflected in the centre of the screen.

 

It is also possible to remove a rate from a certain date on this screen by:

  1. Highlight the Date/Rate you wish to remove.

  2. Click View Date.

  3. Click Delete.

  4. Confirm that you wish to delete the selected Cost Rate.

  5. Click OK to the deletion confirmation message.

  6. Click Close.

The rate you previously selected will now be removed from the list of Cost Rates.

New Date (Create New Rate)

The New Date option should be used when the existing rates listed on this screen are accurate but a different rate needs to be used from a certain date. This new date does not need to follow the last date listed, it may be placed between existing rates.

 

To create a new rate from a certain date, on this screen:

  1. Click New Date.

  2. Enter a date the rate is to be Effective from.

  3. Enter the hourly rate to be used in Rate per hour.

  4. Click Update.

The new rate should be reflected on the Cost Rate screen.

Delete Rate

The Delete Rate option at the bottom of the screen will remove the Cost Rate and all Date Effective rates from the system. This is only advised if no postings have ever been made using this Cost Rate, if any postings have been made and you decide to delete the rate, when reporting on postings a question mark will appear under the Cost Rate information.

 

It is recommended that the Cost Rate be altered to reflect the correct rate and or date as described above rather than being deleted.