Effective Dates for Billing Rate Tables
Use 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 for the same employee, each rate associated with a different effective date.
This may be helpful, for example, for projects that span years. If a project begins in November of 2013 and ends in March of 2014, and your company's billing rates change in January of 2014, 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, 2013 and a rate of $40, while her second entry may have an effective date of January 1, 2014 and a rate of $45.
To create a default rate for an employee with multiple rates, leave this field blank for one of the employee's entries. 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.
Vision uses the effective date feature if:
After you enable this feature and create rate tables with effective dates, you cannot turn off effective dates for rate tables until you delete all effective dates from existing rate tables.