How to set hourly rates for a member?

How to set an hourly rate for a member?

To set an hourly rate for a workspace member:

• In your dashboard, go to People > Members
• Click Add in Hourly Rate column and enter an amount 

If a workspace member already has an hourly rate assigned to them, you can modify this amount at any time.

Note: apart from the Owner, Executive Managers can also edit rates if they have permission. To grant this permission to a member:

• Go to People > Members
• Click the three-dot icon under Actions and click Edit Details
• Click Billing and enable the Show hourly rate toggle

Choosing how a rate change will take effect

When changing hourly rates, the tracker will ask whether to:

• Change the hourly rate starting from a certain date in the past or the future
• Change the hourly rate for all past and future time entries

Use the second option with care, as any reports or invoices you’ve generated previously will be affected with the change.

After setting all the necessary parameters about the member’s rate, you can view their rate change history later, if you are a Plus or a Premium user. When you click on the specific member, you will have the opportunity to view their detailed information. Under the Finance section, in the bottom, the Rate History feature is available.

As you can see from the table at the bottom, it gives you data about:

1. Status - Whether the change made is active (Current), or is no longer active (Past),
2. Rate Type - In WebWork, there are three types of rate: Member Rate, regarding the specific member only; Project Rate, regarding a specific project and all members engaged in that project; Custom Rate, which is useful if the member does not have a concrete rate, so it should be customized according to the project or workload. Under this column you will see that only Member Rate was changed, since you are on the Members section.
3. Period - What pay period was affected. In this case the changes were made on the member’s Hourly Rate.
4. Previous and New Amount - These are the columns that show how much the difference was before and after the change.
5. Effective Date - This column gives information about the date from which the calculations should be adjusted based on the new rate.
6. Change Date - This indicates the date when the change was made. Note that the Effective Date and Change Date may be different: you can change the rate with the intention of recalculating from an earlier date.
7. Set by - This column shows who implemented the rate change for the member.