In Rocketlane, you can set the bill and cost rates for your team members. These rates are used in calculating project revenue and profit margins. Bill rates refer to the amount you charge your customers, while cost rates are based on the salary you pay your employees.
Setting up cost rates for team members involved in a project is necessary for you to keep track of project cost effectively. Cost rates can be set up based on,
Roles
Team Members
In this article
- Setting up cost rates based on roles
- Setting up cost rates for Team Members
- Editing cost rates
- Editing cost rates
Setting up cost rates based on roles
Assign cost rates to roles to ensure that every team member's role has a standard cost rate.
To set up Role based cost rates,
Navigate to your avatar, click on settings
Under the Accounts section, select Roles and Placeholders
Click on the three dots near the role you wish to edit
Select Manage cost rate
If you have employed people from different countries, you can set the individual’s country currency and if not default it to company currency.
Update the hourly cost rate for that role
Click Save
Choose if the rates need to apply going forward or need to backdate from a selected date
Setting up cost rates for Team Members
Establish cost rates for each team member to track a team member's expenses in projects in detail.
To set up cost rates for Team Members,
Navigate to your profile icon, click on settings
Under the Accounts section, select Team Members
Click on the three dots near the member you wish to edit.
Select Manage cost rate and update the hourly cost rate for that member
If you have employed people from different countries, you can set the individual’s country currency and if not default it to company currency.
If you wish to copy the hourly role rate for this team member, you can check the box, “Same as role rate.”
Click Save
Choose if the rates need to apply going forward or need to backdate from a selected date
Note: if you have set cost rates for both individual team members and roles, the cost set at team member level will take precedence and will be used to calculate the project cost.
Editing cost rates
You can easily update your employees' cost rates in Rocketlane when you make salary adjustments, such as giving a raise.
There are two options to go about this
Going forward - The new cost rate will apply to all times reported by your team members going forward.
Backdate cost rate - The new cost rate will apply to all previously reported times by your team members starting from the selected date.
To edit cost rates for team members and roles,
Click on the three dots near the member or role you wish to edit.
Select Manage cost rate
Update the hourly cost rate for that member and click save
In the Update cost rate pop-up box, you will have radio buttons to update cost rate for future time entries or backdate cost rate. Choose the relevant button
Click save
View cost history and audit logs
Cost History gives the chronological sequence of changes made to cost rates for a team member. This timeline includes the corresponding effective dates and provides comprehensive details about the individuals who made changes to cost rates.
The audit log accurately records the date of cost rate updates, providing transparency into the individuals within the team responsible for making these updates.
