In addition to tracking the hours worked on a project, Time IQ can help you keep track of how much you need to bill your clients. When time entries are created we can calculate your fees, and display them on your reports for quick and easy billing.
This feature is enabled by default, and will allow you to set the default billing rate for your company, as well as assign custom billing rates for each of your projects.
There are also different rate tracking modes that will allow you to modify Time IQ to allow custom rates per person or custom rates per service.
How Rate Tracking Works
With Rate Tracking, when an employee creates a new time entry the current billing rate will be stored, as well as a calculated billing total. If you update your rates in the future, the old rate will remain on old time entries, while the new rate is applied to newly created entries.
Available Rate Tracking Modes
There are 3 rate tracking modes available:
Project Rate Tracking
This is our default rate tracking mode–it allows you to set a default billing rate for your company and customize your billing rate on a per project basis. This means a single rate will apply to all hours billed to the project by all employees. How to enable project rate tracking.
Person Rate Tracking
If your rates are based on billing rates of staff members, you can use the person rate tracking mode. How to enable person rate tracking.
Service Rate Tracking
If you bill differently based on the type of work you are performing for a project, consider using service rate tracking. This requires enabling and configuring services, which can allow you to have very customizable rates per person or department, and custom rates you use for different kinds of work for different clients. For more details on the capabilities of service rate tracking, visit the service rate tracking overview.
Who can see rate tracking data?
Only Adminstrators and Managers can see billing rates in Time IQ. They are only displayed in the management interfaces like the Project pages and in Reports. Managers will be limited to seeing billing rates and total project fees for People and Projects that they manage.
Standard users will never be able to see your rates or fees that are associated with your projects.
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