Cost Rate

An employee's cost rate can also be changed from the employee screen. This cost rate can be defined by an effective date and a reporting type.

To set up an employee's cost rate:

1. On the left side of the screen, click the arrow 

   Open

   

    to expand the Organization menu.

2. Click Employee

3. Search for the employee using the filter icon 

   Open

   

   on the right-hand side of the screen.

4. Click Apply to retrieve your result.

5. Select the employee and click on Cost Rate tab.

6. Click the Add button 

   Open

   

    in the toolbar.

7. Fill in the following fields:
   
   

   1. Effective Date - Enter a date you would like this cost rate to take effect. The date has to match the beginning of a timesheet period. 

      1. NOTE: If the users start date is after the period start date, the effective date must still match the beginning of the timesheet period. The cost rate will need to be entered prorated. For the next period, enter the next period start date and enter in the full cost rate. 

   2. Currency - Select a currency the users rate is based on. 

   3. Cost Rate - Enter the employee's cost rate.

   4. Rate Type - Select the Reporting Type that corresponds with the employee's cost rate. The drop down box will show you all the available Reporting Types that have been set up.

8. Click the Save button to save the record.

* Indicates a required field

If you want to add additional cost rates for this employee, click on Add 

. On the other hand, if you wish to delete a particular cost rate for the employee, click on Delete 

 to remove that cost rate.

 

Cost Rate on Ad Hoc Reporting:

. If the assigned rate is hourly, the rate is always the same based on the standard or the total hours worked. If the rate assigned is by period, the hourly cost rate is calculated by dividing the assigned rate by the standard hours by period or by the actual total hours worked. For instance, if the rate by period is $1000, the standard working hours for that period is 40 and the actual worked hours are 50,

The rate based on the standard working hours will be $25 ($1000/40)

The rate based on the total actual will be $20 ($1000/50)

The rate is based on the date, so if the rate was changed within a reporting period, this will also be reflected on the report.

 

Ad Hoc Domains include a choice of field to display either one of the rates or both:

 

• Hourly/Standard Hours based rate

• Hourly/Total Hours Based rate