Create Expense Rate Cards
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Rates often vary from project to project. Expense Rate Cards allow financial administrators to apply various rates and have a default rate configured within the expense code.
The idea is that you might charge a different rate Sales Rate depending on the project for certain expenses. You could charge a client $0.60 for mileage for a project, for example. But you could charge a different project or client $0.65. That way, you don’t have to create multiples of the same Expense Code.
This article will explain how to set up custom expense rates.
- Click My Company...Project List from your navigation bar.
- Select a project.
- Click the Rates tab.
- Click Expense Rates.
Your window will look like the image below.
There are five columns to know about:
* Expense Code - The name of the expense code or type. Click on the arrow under this header, and you’ll see all of your options. This column pulls from Field Values (My Company...Field Values...Basic Codes...Expense Codes).
* Unit of Measure - If your selected expense code is set to a unit of measure, then this field will display its value. For example, the unit of measure for mileage is “Miles.”
* Cost Rate - If the selected expense code is configured to be a unit of measure, then this field will be enabled for you to enter a custom cost rate for this project. Otherwise, this field will be disabled. (Cost rate is the rate the user will see when they enter an expense for this project; it’s also the rate they’ll get reimbursed for if it’s a reimbursable expense.)
* Sales Rate - If the selected expense code is configured to be a unit of measure, then this field will be enabled and the user can enter a custom sales rate for this project. Otherwise, this field will be disabled. Sales rates are applied on the expense when it gets added to an invoice.
* % Markup - Apply a percent markup value that’ll be applied to the expense when the expense gets added to an invoice.
Select the expense code you want to create a custom rate or percent markup for. If the expense code is a unit of measure, then the default values will automatically populate. However, you can adjust these amounts as needed.
Remember to save your work by clicking Save Changes near the bottom of your window.
Now when users enter and submit expenses these rates will be applied over the default ones. If there are no custom rates, then BigTime will use the default rates for that expense code.
Note: sales rates and percent markup values get applied to the expense when the expense is added to an invoice.