Managing Rates
You can manage and administer your rates efficiently.
- Rates Overview
- Create and Edit Global Rates
- Setting Matter Rates
- Edit Rates on Existing Time Entries
Rates Overview
Many firms will offer various rate options, and TimeSolv has incredible flexibility to help you administer these rates. One of TimeSolv’s greatest strengths is its flexible rate structure. Even businesses that consistently use the same billing scale occasionally encounter exceptions, and TimeSolv is designed to accommodate those changes. This frees you to focus on your work instead of manipulating your time and billing system to fit your specific needs.
Default rate codes are set under the profile of each Timekeeper.
Note: For each rate, you will enter a billable amount on each Timekeeper’s Profile page. Failure to enter corresponding amounts will result in Timecards with 0 value for that Timekeeper.
Click on Account>Professionals>[name]>Profile.
Specify the default rate.
When entering Client details, users must specify the rate to be applied. By default, the Timekeeper Default Rate is applied. However, there are additional, project-specific options.
Note: A rate set up at the project level overrides a rate at the Client level. Thus, you can bill multiple projects for the same Client at different rates.
Choose which rate to apply under Clients>Clients & Matters>[matter name]>General.
TimeSolv’s rates are a form of hierarchy:
Timekeeper Default – the preselected default rate applied in the Timekeeper’s individual settings for their typical rate. When no alternative is specified, the default rate will always be applied.
Task then Timekeeper Default –Timekeeper Default will be the standard rate applied unless the task code chosen for the entry has its own specified rate. The Task Code rate will then override any Timekeeper Default rate.
Global Rate – Global Rate is the customized rates saved under Global Rates section. Assigning a global rate to a client means that users have the benefit, for example, of giving the client a discounted rate of x% for all their time and expense entries. Or, for example, an ongoing case spanning over numerous years can have a ‘2015 rate’ applied to it.
Task then Global Rate – Global Rate will be the standard rate applied unless the task code chosen for the entry has its own specified rate. The task code rate will then override any Timekeeper Default rate.
Matter Rate – Upon saving, an ‘Edit Rates’ button appears, allowing the user to specify the matter rate. Matter-level rates override Client-level rates.
Task then Matter Rate – Matter Rate will be the rate applied unless the task code chosen for the entry has its own specified rate. The task code rate will then override any Timekeeper Default rate.
Create and Edit Global Rates
The advantage of using Global Rates is that you only have to key in these rates once to have them saved in the system, these are ready to use as you please.
If you have different rates for specific Clients, you can name a rate by the Client name and no longer have to worry about memorizing their rate when entering time for them.
You can also assign Matter-specific rates. For example, if you have different rates for the type of work you are doing, i.e. litigation, divorce, or child custody – you can save those rates under Global Rates and assign those rates to the cases as they come in.
Click on Time>Settings>Global Rates>New Global Rate.
Description – this description is only available when viewing the list of Global Rates under this tab. When you are assigning Global Rates in the Clients and Matters section, you will only see the name of the Global Rates, not the description.
Click on the Edit Rates link next to the newly created global rate, and fill in the alternative rates against each user.
Setting Matter Rates
To set up Matter-specific rates, click under Clients>Clients & Matters>[Matter].
Under the General tab, set the ‘Rate By‘ field as ‘Matter Rate.’
You can assign the Matter rate against each Timekeeper by clicking on the ‘Edit Rates‘ button. This will open up a list of existing Default Rates against each Timekeeper and a column to enter a Matter-specific rate for each Timekeeper.
Edit Rates on Existing Time Entries
Old Time Entry rates can be updated with new rates in batches to save time and prevent missed entries.
Click on Time>Settings>Rate Changes.
Matters – specify all Matters or select as many as needed.
Date range – leave blank if you do not want to restrict dates.
Include Time Entries Where Rate Had Been Overridden – will include entries that have been manually altered.
Note: Even if you keyed in the same default rate in the Time Entry page rate field, you will need to have this checkbox selected for those Time Entries to show up in the search.
A list of Time Entries will be displayed, showing the old and new rates.
Select the desired entries to change and click on Update Rates in Selected Time Entries and Matter Assignments.
