Effective Dates for Billing Rate Tables
Enter effective dates in billing rate tables to establish a schedule of different billing rates to apply based on date at which employee labor is billed throughout the course of a project.
You can establish multiple billing rates, each associated with a different effective date. This may be helpful for projects that span years. For example, if a project begins in November of 2017 and ends in March of 2018 and your company's billing rates change in January of 2018, you can create a billing labor rate table with multiple rates, based on effective date. An employee's initial rate may have an effective date of November 1, 2017 and a rate of $140, while her second entry may have an effective date of January 1, 2018 and a rate of $145.
Select the Enable effective dates for labor billing rates check box on the Miscellaneous tab in to add an Effective Date field to the billing labor rate tables (Labor Rates, Labor Categories, and Labor Overrides tables).
After you enable this feature and create rate tables with effective dates, you cannot disable effective dates for rate tables until you delete all effective dates from existing rate tables.
Default Rate
To create a default rate for an employee with multiple rates, leave the Effective Date field blank for one of the employee's rate table lines. The default rate is used when the table is selected for the project, but none of the effective dates correspond to the date of a posted labor transaction. You can have only one blank effective date per employee.