Learn to manage, assign, and edit hourly rates on a project and user level, to accurately track work and bill your clients.
If you track time on app.timeneye.com, and you need to set and manage hourly rates, this article is for you!
In Timeneye, you can set hourly rates that will be tied to a specific project or team member and that you can use to make calculations for invoicing or profitability purposes.
You can easily create your hourly rates, and this article will show you exactly how to do it. We will also explain the types of hourly rates available, how to track your monetary totals, and how to visualize them in projects. Lastly, we'll show how to edit hourly rates.
It is important to note that when you make changes to an hourly rate, the updated rate will only apply to time entries tracked after the edit. However, if you need to make changes to historical data, there are ways to do so.
We'll cover all these aspects in this guide. Let's dive in!
Types of Hourly rates available in Timeneye
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Project hourly rates
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User hourly rates
There are two types of user hourly rates in Timeneye that you should be aware of: global user rates and project-specific hourly rates
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Global user rates (that you can set at an account level for each team member)
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Project-specific hourly rate (that may overwrite the global setting)
For instance, let's consider a scenario where you have a consultant in your organization whose standard rate is $25 per hour. However, there is a specific project where you have offered a special discount, and the consultant's rate for that project will be $20 per hour.
In Timeneye, you have the ability to set a user hourly rate specifically for that project, which will take precedence over the global rate. This allows you to customize rates based on individual projects and ensure accurate invoicing and profitability calculations.
How to set hourly rates
Project hourly rates
When creating a new project, you have the option to set hourly rates for the entire project or for specific users. To do this, simply click on the "+ Hourly rate" button in the New Project dialog and specify the rate.
Enter the hourly rate and continue to fill in the project's details. This way, you can ensure that the project is compensated fairly based on their contribution and the time they spend on it.
What happens when you set an hourly rate for a project?
If you have no user hourly rates to set, you can add a project hourly rate only.
However, if you choose to set hourly rates for individual users as well, their rates will be prioritized over the project hourly rates. See more below.
Users hourly rates (global settings)
If you're an Owner or Admin of the workspace, go to the Team section of the workspace.
To set the hourly rate for a specific team member, click their name to access their user profile. Then, click on the "Hourly rate" section. Here, you can specify the rate per hour for that team member.
Once you save the changes, this hourly rate will be applied to any billable project where the user tracks their time. The system will then use this rate to calculate the total amount of that user's time spent on the project.
User hourly rate (project-specific)
🌟 This feature is included in the PREMIUM Plan
In a scenario where you want to assign a specific hourly rate for a user on a project, you can do so when creating the project.
Instead of selecting the project rate, choose the option called "Project and individual rates". Then, next to the user's name, you can manually set an hourly rate specifically for that user in that project.
What happens when you manually set an hourly rate specifically for that user in that project?
In this scenario, the hourly rate for that user in that project takes precedence over both the global setting and the project rate.
How to edit hourly rates
If you ever need to make changes to the hourly rates you have set, don't worry, it's a simple task that can be done in various ways.
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Project Hourly rate:
Navigate to the Projects section of the workspace. Click on the project's name, and then on the top right, click the green edit button. In the Project info tab, you can set a different project hourly rate (or even remove it altogether)
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User Hourly rate:
Navigate to the Team section of the workspace. Click on the team member's name, and set a new hourly rate in the Team member profile.
User project - specific hourly rate:
Navigate to the Projects section of the workspace. Click on the project's name, and then on the top right, click the green edit button. In the Users tab, next to each team member's name, you'll find a column called hourly rate. There you can edit the individual rates.
The updated rate will only apply to time entries tracked after the edit. However, if you need to make changes to historical data, there is a way to do so:
How to update past entries with a new hourly rate
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Go to the Entries log section of the workspace;
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Click the Show filters button on the top right;
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Using the filters on the left, sort out the entries until you get the ones you need to update;
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Start selecting the entries using the checkboxes. As you select the entries, you'll see a new light blue section on the left;
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On the left-hand side, locate the Hourly rate field and you will be able to choose the new hourly rate from there;
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Save.
Summary: Timeneye allows you to set hourly rates for specific projects or team members. There are project and user hourly rates. To set hourly rates, click "+ Hourly rate" or go to the Team section. To edit, navigate to the Project or Team section. To update past entries, go to the Entries log section.