When switching to the new version of Timeneye, you may notice discrepancies in financial reports due to differences in how hourly rates and costs are calculated. Learn how to adjust rates in the new version in this article.
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.
Switching from the old version of Timeneye to the new one, you might notice a discrepancy in your financial information in reports because the hourly rates and the hourly costs are calculated in a different way. In fact, the main difference is that the latest version of Timeneye supports historical rates. This means that when you make changes to an hourly rate or an hourly cost, the updated rate will only apply to time entries tracked after the edit.
In this guide, we will show you how to make changes to historical data in case you want to have the exact same set of data in both reports. Also, to guarantee a smooth transition between the two versions, you will always have access to your old reports.
Important note: the legacy version of Timeneye will be discontinued starting from December 31st, 2024. If you are experiencing blocking issues, you can contact us at support@timeneye.com
The difference between the old and the new Timeneye
In the legacy version of Timeneye when you change the hourly rate for a project (or a team member), the latest hourly rate is applied retrospectively to all time entries. This means that if you updated your project hourly rate to $50 today, even time entries from as far back as 2023 would reflect this new rate. However, this could lead to discrepancies if you had previously invoiced a client at a lower rate, such as $45 per hour, resulting in inaccurate profit calculations.
On the other hand, the latest version of Timeneye retains historical rates, unless manually adjusted. This ensures that any changes to an hourly rate only affect time entries recorded after the adjustment.
For instance, setting your project hourly rate to $50 today will only apply to time entries moving forward. Past entries, whether from yesterday, a month ago, or a year ago, will maintain the rate set at the time, providing greater accuracy in calculating project profits.
To learn more about hourly rates in the new Timeneye version, check out our guide.
How to update past entries with a new hourly rate
If you were used to the old method of calculating hourly rates and you would like to manually adjust all past entries to the latest hourly rate, here is a step-by-step guide on how to do it:
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Go to the Timesheet section of the workspace;
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Click the Show filters button on the top right;
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Use the filters on the left to narrow down the entries you wish to update (e.g. by project name or specific timeframe);
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Start selecting the entries using the checkboxes.
Important note: When utilizing the "select all" option, ensure to scroll to the bottom of the dialog box to check for any additional entries. If there are more, click on "Load more" to display them and select accordingly.
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As you choose the entries, a new light blue section will appear on the left. Locate the Hourly rate field, and enter the new hourly rate from there;
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Save your changes
How to update past entries with a new hourly cost
The hourly cost refers to the amount of money the company is spending internally for that specific team member's working time. Only the Owner of the workspace can edit the hourly cost associated with a team member from their profile section.
As mentioned earlier, the same changes in the calculation implemented for the hourly rates also apply to the hourly costs. So, when transitioning from the old version of Timeneye to the new one, there may be a discrepancy in your financial information. The latest version of Timeneye now supports historical rates, meaning that when you update an hourly cost, the new rate will only be applied to time entries tracked after the edit.
To learn more about hourly costs in the new Timeneye version, check out our guide.
If you wish to manually adjust past entries to reflect the latest hourly cost, follow these steps:
-
Go to the Timesheet section of the workspace;
-
Click the Show filters button on the top right;
-
Use the filters on the left to narrow down the entries you wish to update (e.g., by project name or specific timeframe);
-
Start selecting the entries using the checkboxes.
Important note: When utilizing the "select all" option, ensure to scroll to the bottom of the dialog box to check for any additional entries. If there are more, click on "Load more" to display them and select accordingly.
-
As you choose the entries, a new light blue section will appear on the left. Locate the Hourly cost field, and enter the new hourly cost from there;
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Save your changes.
