Rates: Everything you need to know about it

What is rate

The rate is the financial compensation an employee receives for one unit of time (typically per hour) worked. This metric is not only utilized for measuring wages but also for project evaluation, calculating costs for individual tasks, and assessing the overall project expenses.

What are the rates

There are several types of rates:

1. Internal rate – used both for projects with a fixed budget and for Time&Material.
2. Commercial rate – indicated in projects with an uncertain budget (Time&Material).
3. Employee rate – personal rate of an individual employee, which is added to the profile.

How to add a rate to the project

1. Open the project.
2. Find the “Rates” block on the workspace on the left (by default, under the “Description and files” block).
3. Choose rate you want to add: “Internal rate” or “Commercial rate” (if available) 1️⃣.
4. Press the button “+ Add rate” 2️⃣.
5. Enter the rate type (Type), rate amount, and date.
6. Click the corresponding mark to confirm the entered data 3️⃣. Now this rate can be used in tasks when creating new ones (within the project) and editing existing ones.

How to add a commercial rate

This can be done during the creation or editing stage, as well as on the page of an already existing project. This type is only available for Time & Material projects, meaning those with an undefined budget:

1. When creating a project with an undefined budget (Time&Material), enter the values in the appropriate field commercial rate.

Employee rate: add, edit, delete

The personal rate is indicated in the employee’s personal profile. To add, remove or edit this rate, follow these steps:

1. Click on the link of the employee’s name (this can be done anywhere in the workspace: task, project, list of employees, reports, calendar, etc.).

2. In the window, find the “Rate history” block, click the “+ Add rate” button.

3. The same button will be active in front of the profile image when the employee does not yet have a rate, or it is equal to 0 1️⃣. Enter the date and amount of the rate in the fields, then click the button to approve the changes. 2️⃣.

4. The current rate will be displayed instead of the “+ Add rate” button under the title of the profile window.