Many companies use the new year to update their hourly rates. TimeLog works with two types of rates:
The Standard Hourly Rate is used when invoicing employees’ time registrations, and is reported in the employee’s main information in the System Administration.
Employee Cost Rates indicate the cost that each employee incurs per project, for every hour registered.
All hourly rates (Standard Hourly Rate and Employee Cost Rate) is regulated by the System Administrator in the System Administration, under the heading Finances / Invoicing. Each employee setup updates automatically.
Be aware that all changes are live as soon as ”update” is clicked, and the changes will be used on each subsequent time registration. If the hourly rates have not been regulated prior to the employees registering their work, the registrations that should have been updated will need to be adjusted.
Use the management report Adjust Hourly Rates to update allocated hours and any subsequent registered hours.
To avoid updating time registrations previous to January 1, 2011, it would be a good idea to close 2011 invoicing and then close the 2010 financial year for time registration and invoicing under System Administration -> Accounting Periods. This locks all time registrations in 2010, and it will no longer be possible to change or add new time registrations, and hourly rates cannot be adjusted.
See user guide Adjusting Hourly Rates.
Should new hourly rates and/or cost rates need to be added, this can be created by the System Administrator in the System Administration under the heading Finances / Invoicing. Customer-specific hourly rates can also be created here.