The Effective Date of New Rate field is used to determine the date the rate specified in the New Rate field is to be effective. All new transactions entered with a date on or after the "Effective Date" will use the rate specified in the New Rate field. However, the New Rate will not apply to any previously entered transactions (regardless of the date). You can use the Change WIP Transactions program to change the rates for previously entered WIP transactions.

Enter the date in month/day/year format (i.e., mm/dd/yyyy). The "/" characters are automatically inserted. The button can be used to open a Calendar window that allows you to select a date.

Note: A date must be entered in this field if any New Rate field is greater than 0.00. Furthermore, the date will only be effective for new rates that are greater than 0.00. For example, if there are multiple timekeepers in the table and you specify a new rate for one timekeeper, transactions entered for other timekeepers in the table with a new rate of 0.00 will use the rate specified in the Rate field instead.

Note: The effective date is stored at the client level and is used for all timekeepers in the table. For example, Client 100.00's new rates can be effective on December 1, 2026 while Client 200.00's new rates can be effective on January 1, 2027 (provided they do not share a table).

Note: Changing the New Rate field and the Effective Date of New Rate field for a client with a shared rate table changes these values for any clients who share that rate table.

See also:   Date Field Conventions