The Rates section of the Timekeeper file allows you to define up to 6 hourly rates for a timekeeper. If those hourly rates change, new rates can be specified along with a cut-off date that indicates which transactions the new rates applies to. The Rates section includes the following information:

Effective Date of New Rates

The Effective Date of New Rates field is used to determine the date the rates specified in the New Rates 1-6 fields are to be effective. All new transactions entered with a date on or after the "Effective Date" will use the rate specified in the New Rates 1-6 fields.

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 rate in the New Rates 1-6 fields is greater than 0.00. Furthermore, the date will only be effective for new rates that are greater than 0.00.

Note: The effective date is stored for each timekeeper. Therefore, each timekeeper can use a different effective date for all of their new rates. For example, Timekeeper 1's new rates can be effective on December 1, 2026 while Timekeeper 2's new rates can be effective on January 1, 2027.

See also:   Date Field Conventions

Hourly Rates 1-6

Maximum amount 9,999.99. Enter an hourly rate used to charge clients for specific services. Rate 1 is usually designated as the normal or average rate for billing most clients.

Rates 2 thru 6 are optional and have no predefined meaning in Tabs3. These rates can represent whatever you like and can be any desired amount. For example, Rate 2 can be a discounted or reduced hourly rate that is used for billing preferred clients. Rate 3 could be a higher or premium hourly rate that is charged for specialized services.

Timekeeper rates, among other rates, can optionally be selected as the default billing rate for a client via the Billing Rate Code field on the Rates tab of the Client file.

A popup calculator is available when editing this field. The "<" and ">" keys can be used to increase or decrease the amount by one dollar at a time.

See also:   How Tabs3 Selects the Default Billing Rate
  Methods of Billing

New Rates 1-6

Maximum amount 9,999.99. The New Rates 1-6 fields are optional fields and can be used to specify new rates for a timekeeper that are effective on the date specified in the Effective Date of New Rates field. Enter a new hourly rate that you want to use to charge clients for specific services.

A popup calculator is available when editing this field. The "<" and ">" keys can be used to increase or decrease the amount by one dollar at a time.

Note: When a rate of 0.00 is displayed in the New Rates 1-6 fields, the rates in the Hourly Rates 1-6 fields will be used for the transaction.

The Move Rates button can be used to quickly transfer all rates greater than 0.00 specified in the New Rates 1-6 fields to the Hourly Rates 1-6 fields and change all of the rates in the New Rates 1-6 fields to 0.00. Clicking this button also changes the date in the Effective Date of New Rate field to mm/dd/yyyy.

See also:   How Can I Change the Rate for Future Billing? Training Video

Note: Changes made to a timekeeper's rates will not affect transactions already in work-in-process (WIP). The Change WIP Transactions program can be used to adjust the rates of current WIP transactions.