Rate Options and Setting up Your Rates

VIDEO:

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.

Let’s take a closer look at your rate options and how to set up your rates.

The first step is creating timekeeper default rate codes, which is done under the account 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.

  • Select the Settings link under Staff/Professionals tab.

 

  • Select the name of the Staff/Professional you wish to create a default rate code for.

 

  • Specify the default rate in the relevant field.

 


When you enter details for a new client, you must indicate which rate by to apply (you can create unlimited rate codes using Global Rate, if you’d like). By default, timekeeper default rate is applied each time you make a time entry for this client. However, there are additional, project-specific options. 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. Each time you create a new client, you can choose which rate to be applied to the project, or you can restrict the project to the hourly timekeeper rate.

To indicate which rate by to apply for a client:

  • Select the Clients & Matters/Projects link under Clients tab.

 

  • To edit the ‘rate by’ for an existing client, click on the client name (example below).

 

  • When setting the ‘rate by’ for a new client, select from the following options in the relevant field:
    Timekeeper Default – this is the preselected default rate applied in the timekeeper’s individual settings for their typical rate. When no alternative is specified, this default rate will always be applied.
    Task then Timekeeper Default – selecting this option means Timekeeper Default will be the standard rate applied, unless the task code chosen for the entry has its own specified rate (see here). The task code rate will then override any Timekeeper Default rate. 
    Global Rate – global rates are the customized rates saved under Global Rates section (see here). Assigning a global rate to a client means that you 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 – selecting this option means Global Rate will be the standard rate applied, unless the task code chosen for the entry has its own specified rate (see here). The task code rate will then override any Timekeeper Default rate. 
    Matter Rate – matter rates are applied at the matter level. So if an individual matter needs a specific rate applied to it, then under Clients>Clients & Matters>[matter name] you would select Matter Rate under the ‘Rate By‘ field. You will then need to Save this selection in order to activate the grey Edit Rates button below the Rate By field, and thereby specify the matter rate.
    Task then Matter Rate – selecting this option means Matter Rate will be the standard rate applied, unless the task code chosen for the entry has its own specified rate (see here). The task code rate will then override any Timekeeper Default rate.  

Note: A rate set up at the project level overrides a rate at the client level.