Effective Dates for Rate Tables
Enter effective dates to establish a schedule of rates 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 2021 and ends in March of 2022 and your company's billing rates change in January of 2022, 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, 2021 and a rate of $140, while their second entry has an effective date of January 1, 2022 and a rate of $145.
You must select Yes for Enable Effective Dates for Labor Billing Rates in the Detailed Transactions section of the Options form in to add an Effective Date field to billing labor rate tables, billing labor category tables, and billing labor override tables in .
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.