Adjusting an Existing Time Record's Billing Rate
TimeLinx is typically thought of as a system to track and manage projects. However, one of many unique features is the ability to calculate service revenues and real-time actual staffing costs using complex scenarios designed to allow charging premium rates (overtime, weekends, consultant/engineer skill levels, etc.) to increase top-line revenues dramatically.
Which leads us to this month's Tips & Tricks question for the TimeLinx team:
Q: How do I change billing rates for services after the fact? To put it differently, if work was performed while an incorrect rate had been set for the work, and it wasn't caught before the time was posted, how can the rates and/or costs be changed for work already performed, as well as for future work?
A: A sophisticated time tracking system should do more than just allow for time entry - it must also allow for the reality of human error and customer disputes. And TimeLinx does! With TimeLinx, you can 1) back-change the billing rate and/or cost on existing time records, or 2) enter an additional "credit" record for audit trail purposes so the original record is not altered. In our next tip, we'll review how to use the credit scenario.
Here's how:
Note: If an invoice has already been generated (using your chosen billing system), and that invoice has incorrect rates, then you will have to change the invoice in your billing system as a separate action.
In TimeLinx, to alter an EXISTING time record's billing rate:
- First, change the rate on the appropriate Project or Task (depending on the Project Billing Mode selected) to affect all future entries to match what you are about to correct for past entries.
- Next, to change the rate for past records, open the TimeLinx Service Query. Run the query to display all affected records by choosing the date range, Project, Consultant, Service, etc.
- Highlight the affected Tasks displayed, then right-click and choose "Update Rates" near the top of the menu. Some Tasks on the Project might be correct and they can be de-selected before running "Update Rates".
TimeLinx will run through all of the highlighted records and update records. Continue this process for any other ranges of records that need correction.
Now check your Service Query again, or various Task Usage grids, or run a report with the TimeLinx Reported to check that all rates and costs are now correct.
