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Rates Tab of the Billing Terms Form

Use the Rates tab to enter the labor method, invoice detail, and reporting default terms options to use when billing for this project.

If you have set up default billing terms in Settings > Billing > Default Terms, those settings prefill in the fields on this tab when you set up billing terms for the first time for a project. You can change prefilled settings as needed.

Contents

Labor

Field Description
Method Select the labor method to determine how labor charges are extended on an invoice from the following options:
  • No labor billing: Select this option to exclude labor charges from the invoice.
  • Rate times multiplier: Select this option to calculate labor billings based on the employee 's job cost rate (specified on the Accounting tab of the Employees hub). You can apply up to three multipliers to the job cost rate.
  • Rate table: Select this option to calculate labor billings using employee -specific billing rates for a single project or class of projects . The rate in the rate table or override table is typically the full billing rate. However, you can apply up to three multipliers to the rate.
  • By category: Select this option to calculate labor billings based on categories and rates defined in labor category tables, which are assigned to employees through the Employees hub.
  • By labor code: Select this option to calculate labor billings based on the labor code used to charge labor to a project . You assign billing rates to labor codes in a labor code table.

For more information on each labor method, go to Labor Methods.

Rate Table This mandatory field appears only when you select Rate table, By Category, or By Labor Code in the Method field. Select the rate table that contains the employee rates to use when generating the invoice for the project.

You can enter the full name or choose a rate table from the options in the drop-down list.

If you use multiple currencies, the list of available rate tables is limited to those with a currency matching the billing currency of the project (as shown in the Billing Currency field on the Summary pane of the Billing Terms form). If the drop-down list is blank, you must set up a rate table with the same currency as the project's billing currency.

If your firm has set Record Level View access for billing rate tables, you may be limited to only those tables selected by your system administrator.

Multipliers Enter the multipliers to apply to the labor billing amount. You can specify up to three multipliers. If you choose to show these multipliers, the first multiplier is included in the rate for the employee (not shown on the invoice). The other two multipliers appear on the invoice at the end of the labor section. Labor multipliers are cumulative. Vantagepoint applies the first multiplier, then applies the second multiplier to the result, and so on.
Overtime Method Select the method to use when extending overtime charges for labor charged to the project. There are three overtime methods:
  • Bill ovt premium as cost: Bills the premium part of overtime at the end of the labor billing section, as if it were a cost.

    The premium is the portion of overtime pay that is greater than straight time pay. To generate an overtime premium, at the time of labor costing, the employee must have an overtime markup greater than 100%. The standard overtime markup is specified in the Job Cost Ovt Pct field on the Accounting tab of the Employees hub. Secondary overtime markup is specified in the Job Cost Ovt-2 Pct field.

    For standard overtime hours, you can apply a multiplier to the premium by entering one of the following in the Ovt Multiplier field:

    Overtime Multiplier Result
    1.0 Bills the premium at cost.
    Greater than 1.0 Marks up the premium.
    0.0 Prevents the premium cost from being billed.

    If you track secondary overtime hours, you can enter a separate multiplier, just for secondary overtime hours, in the Ovt-2 Multiplier field.

  • Sep ovt with employee percent: Bills hours at a multiple of the employee’s billing rate (set in Employees hub) and separates standard and secondary overtime hours from regular hours on the invoice. Use this method to control labor billing markups by employee.
  • Sep ovt with project multiplier: Bills hours using a project multiplier (set on the Labor tab of Billing Terms) and separates standard and secondary overtime hours from regular hours on the invoice. Use this method to establish the same labor billing markup for all employees working on the project.
Overtime Multiplier Enter an overtime multiplier to use with employees who receive a premium rate on overtime hours, rather than a straight time rate. For example, if you want to bill at the regular overtime rate, as specified on the Accounting tab of the Employees hub, enter 1 here. If you want to bill the employee's overtime hours using the straight time rate, enter 0.

The employee must designate hours worked as overtime on their timesheet for this multiplier to be applied to overtime hours.

Overtime - 2 Enter a percentage by which to multiply secondary overtime hours. Secondary overtime is overtime costed at a higher or lower rate than standard overtime (often at 200% of the employee’s job cost rate). Vantagepoint applies the Overtime-2 Percentage that you enter in the Ovt-2 Multiplier field to hours entered in the Overtime-2 fields on the timesheet and labor adjustment transaction entry forms.

Use this field in addition to the Ovt-2 Pct field on the Accounting tab of the Employees hub if you want to track secondary overtime in addition to standard overtime.

This field is available only if the secondary overtime feature is enabled in the Global Labor Options form (Settings > Accounting > Labor Options).

Override Table Select the labor override table to use (if any) when calculating labor on the invoice. The override table stores exceptions to the employee’s usual rate. You can specify an override table if you are using the Rate Table, Rate times multiplier, By Category, or By Labor Code method for billing labor charges.
Rates for Reporting (Not Invoicing) Select this check box to use the labor terms for project reporting and revenue generation purposes only. When you select this check box, Vantagepoint uses the specified labor terms for the following:
  • On project reports that report at billing rates. You specify whether to base a report on cost or billing rates from the Report at option on the General tab of the project's options form.
  • On the Unbilled Detail and Aging or Unbilled Summary reports, if the Use Reporting Default Terms option is selected on the Options tab. If the Use Reporting Default Terms option is not selected, Vantagepoint uses each project's individual terms, and does not generate report information for projects without terms defined.

When you select this check box, Vantagepoint does not use the specified labor terms on invoices.

This check box displays only if Use Reporting Default Terms for All Projects is set to No on the Labor Options form in Settings > Accounting > Labor Options.

Expense

Field Description
Method Select the expense method to determine how Vantagepoint extends reimbursable expense charges on the invoice.
Rate Table This mandatory field appears only when you select By account, By category, or By vendor in the Method field. Select the expense table that stores the multipliers for the accounts/vendors/categories that should be billed for this project.

If your firm has set Record Level View access for billing rate tables, you may be limited to only those tables selected by your system administrator.

Multiplier Enter the multiplier to apply to expenses charged to the project. If you bill expenses, Vantagepoint determines the multiplier to apply to the expense charges as follows:
  • If an expense table is specified in the Rate Table field, Vantagepoint looks in the selected table to find the multiplier to apply to the account.
  • If no expense table is specified in the Rate Table field, or if the account is not listed in the selected table, Vantagepoint applies the multiplier specified in the Multiplier field on the Expenses/Units tab.
Rates for Reporting (Not Invoicing) Select this check box to use the expense terms for project reporting and revenue generation purposes only. When you select this check box, Vantagepoint uses the specified Expense terms in the following ways:
  • On project reports that report at billing rates. You specify whether to base a report on cost or billing rates from the Report at option on the General tab of the project's options form.
  • On the Unbilled Detail and Aging or Unbilled Summary reports, if the Use Reporting Default Terms option is selected on the Options tab. If the Use Reporting Default Terms option is not selected, Vantagepoint uses each project's individual terms, and does not generate report information for projects without terms defined.

When you select this check box, Vantagepoint does not use the specified expense terms on invoices.

This check box displays only if Use Reporting Default Terms for All Projects is set to No on the Labor Options form in Settings > Accounting > Labor Options.

Consultants

Field Description
Method Select the consultant expense method to determine how Vantagepoint extends consultant expense charges on the invoice. Choose from the following options:
  • No Unit Billing: Units are not biiled
  • Bill Units: Units are included on invoices
Rate Table This mandatory field appears only when you select By account, By category, or By vendor in the Method field. Select the expense table that stores the multipliers for the accounts/vendors/categories that should be billed for this project.

If your firm has set Record Level View access for billing rate tables, you may be limited to only those tables selected by your system administrator.

Multiplier Enter the multiplier to apply to consultant expenses charged to the project. If you bill consultant expenses for a project, Vantagepoint determines the multiplier to apply to the consultant expense charges as follows:
  • If an expense table is specified in the Rate Table field, Vantagepoint looks in the selected table to find the multiplier to apply to the account.
  • If no expense table is specified in the Rate Table field, or if the account is not listed in the selected table, Vantagepoint applies the multiplier specified in the Multiplier field on the Expenses/Units tab.
Rates for Reporting (Not Invoicing) Select this check box to use the consultant terms for project reporting and revenue generation purposes only. When you select this check box, Vantagepoint uses the specified consultant terms in the following ways:
  • On project reports that report at billing rates. You specify whether to base a report on cost or billing rates from the Report at option on the General tab of the project's options form.
  • On the Unbilled Detail and Aging or Unbilled Summary reports, if the Use Reporting Default Terms option is selected on the Options tab. If the Use Reporting Default Terms option is not selected, Vantagepoint uses each project's individual terms, and does not generate report information for projects without terms defined.

When you select this check box, Vantagepoint does not use the specified consultant terms on invoices.

This check box displays only if Use Reporting Default Terms for All Projects is set to No on the Labor Options form in Settings > Accounting > Labor Options.

Units

Field Description
Method The unit expense method determines how Vantagepoint extends unit expense charges on the invoice.
Multiplier Enter a single multiplier to apply to the unit transactions. Vantagepoint applies this multiplier after the unit quantity is multiplied by the billing rate per unit. If you want to bill units at their billing rate, enter 1.0 in this field.
Rates for Reporting (Not Invoicing) Select this check box to use the unit terms for project reporting and revenue generation purposes only. When you select this check box, Vantagepoint uses the specified unit terms in the following ways:
  • On project reports that report at billing rates. You specify whether to base a report on cost or billing rates from the Report at option on the General tab of the project's options form.
  • On the Unbilled Detail and Aging or Unbilled Summary reports, if the Use Reporting Default Terms option is selected on the Options tab. If the Use Reporting Default Terms option is not selected, Vantagepoint uses each project's individual terms, and does not generate report information for projects without terms defined.

When you select this check box, Vantagepoint does not use the specified unit terms on invoices.

This check box displays only if Use Reporting Default Terms for All Projects is set to No on the Labor Options form in Settings > Accounting > Labor Options.