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How to set hourly rates for a project?

How to set an hourly rate for a project?

To set an hourly rate for a project:

  • In your dashboard, go to Projects>Projects
  • Click the name of the project or click the three-dot icon under Actions and click Edit Details
  • Enable the Billable toggle and click Save Changes
  • Click Properties and enter an amount under Hourly rate

Permissions of different member types

The Workspace Owner and Executive Managers can enable the Billable toggle and set hourly rates for all projects. Team Managers can set hourly rates only for the projects of members they manage, though they cannot change the Billable option of any project.

To make any finance-related changes, managers will need to have their Show hourly rate toggle turned on in Members>Billing. To enable this:

  • 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

The “Select the rate effect time” section in the Project Details window in WebWork, which appears after entering a new hourly rate for a project.

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 project’s rate, you can view their rate change history later, if you are a Plus or a Premium user. To view the rate history you should select the project you want to review the rate for and go to Properties. You will see a table at the bottom.

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 Status - Whether the change made is active (Current), or is no longer active (Past),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. Here, under the Rate Type column you will see Project Rate, because the rate here refers only to projects.
  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.