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Setting up hourly rates but still show daily rates in quotes and invoices

If you need to track costs by the hour, your sell rate needs to also be configured in hours. You cannot have day prices, if costs are tracked by the hour.
Therefore, your complete price list needs to be based in hours (except services that are by the unit, of course).
This way, all your reports will show buy rates and sell rates of objects by hour. 

This article explains how you can still show day rates in quote and invoice print-outs to your clients, only if: 

  • your hour rate equals your day rate divided in 8 hours (if your working day is 8 hours) 
  • you use Budget module 
  • you invoice based on what has been quoted/budgeted. 

The following setup example is based on a day of work consisting of 8 hours (but it also works for other amounts).
First of all you need to setup your complete price list (in Object Manager) by the hour, considering that when multiplied by 8 you will get a day price.
Note: If your rates for hours and days are not calculated as explained here, you will then need to duplicate your classes, like e.g.: 

  • Graphic Design (h) = 110 (hour) 
  • Graphic Design (d) = 100 (hour) 

The (h) and the (d) would then need to be hidden in the print design using a string operator. Not described in this article. 

In the Budget module, make sure to display the following columns: Quantity (budget) and Multiplier (budget):

  • Quantity: the maximum will always be 8 for objects and object classes; for services, materials and expenses, of course there is no limit
  • Multiplier: to be used only with objects and object classes to indicate how many days

In the example above, you can see the difference between the items that are:

  • Hour rate: the rule is that under Quantity you always add less than 8, so they will be displayed as hours in the print out, e.g.: 6 hours of digitizing, 6 hours of sound design, and 5 hours of digital. 
  • Day rate: the moment you need to quote for day rate, add 8 under Quantity and add how many days under Multiplier, e.g.: 3 days of editing, 2 days of graphic design, 1 day of 3D animation. 
  • Unit rate: for any object that does not have an hour or day rate, only use the Quantity column to add the amount, e.g.: 15 DigiBeta 6 min, and 1 FTP Posting.

The following print out example has been designed using some string operators to display the correct information:

Find the following financial report templates for quotes and for invoices, saved together with this document. 

1. For quotes – group by 1.Budget, 2. Budget Category, 3. Budget Details: 
1.1. Financial_Report_budget_budgetcat_budgetdetail_ Budget disc per line.wpt (if discount is added per line)
1.2. Financial_Report_budget_budgetcat_budgetdetail_ Budget disc price agreement.wpt (if using price agreement) 

2. For invoices – group by 1.Invoice, 2.Budget Category, 3.Budget Details: 
2.1. Financial_Report_invoice_budgetcat_budgetdetail_ Invoice disc per line.wpt (if discount is added per line)
2.2. Financial_Report_invoice_budgetcat_budgetdetail_ Invoice disc price agreeement.wpt (if using price agreement)

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