Many firms will offer various rate options, and TimeSolv has incredible flexibility to help you administer these rates. One of TimeSolv’s greatest strengths is its flexible rate structure. Even businesses that consistently use the same billing scale occasionally encounter exceptions, and TimeSolv is designed to accommodate those changes. This frees you to focus on your work, instead of manipulating your time and billing system to fit your specific needs. This week’s Tip of the Week takes a look at default billing rates under each Timekeeper, Client/Matter-specific rates, Global Rates, rate hierarchy, and how to mass edit unbilled Time Entry rates.
How to Change Billing Rates
Default rate codes are set under the profile of each Timekeeper. Click on Account>Professionals>[name]>Profile and specify the default rate.
You can set up billing rates under each Matter or Client too (Clients>Clients & Matters>[matter name]>General). A rate set up at the Matter-level overrides a rate at the Client-level. Thus, you can bill multiple Matters for the same Client at different rates.
If you have different rates for the type of work you are doing, i.e. litigation, divorce, or child custody – you can save those rates under Global Rates and assign those rates to the cases as they come in. The advantage of using Global Rates is that you only have to key in these rates once, to have them saved in the system ready to use as you please. To create these, click on Time>Settings>Global Rates>New Global Rate.
Mass Update Unbilled Time Entries
Click on Time>Settings>Rate Changes tab. Use the search filters to make sure you pull the correct Time Entries.
A list of Time Entries will be displayed showing the old rate and the new rate.
Select the checkbox against the desired entries to change and click on Update Rates in Selected Time Entries and Matter Assignments.
TimeSolv’s rates are a form of hierarchy:
Timekeeper Default – the preselected default rate applied in the Timekeeper’s individual settings for their typical rate. When no alternative is specified, the default rate will always be applied.
Task then Timekeeper Default –Timekeeper Default will be the standard rate applied unless the task code chosen for the entry has its own specified rate. The Task Code rate will then override any Timekeeper Default rate.
Global Rate – Global Rates are the customized rates saved under the Global Rates section. Assigning a Global Rate to a Client means that users have the benefit, for example, of giving the Client a discounted rate of x% for all their Time and Expense Entries. Or, for example, an ongoing case spanning over numerous years, can have a ‘2015 rate’ applied to it.
Task then Global Rate – Global Rate will be the standard rate applied unless the Task Code chosen for the entry has its own specified rate. The Task Code rate will then override any Timekeeper Default rate.
Matter Rate – Upon saving, an ‘Edit Rates’ button appears, allowing the user to specify the Matter rate. Matter-level rates override Client-level rates.
Task then Matter Rate – Matter rate will be the rate applied unless the Task Code chosen for the entry has its own specified rate. The Task Code rate will then override any Timekeeper Default rate.
If you’d like to contact TimeSolv support for help, please call 1.800.715.1284 or schedule a FREE 30-minute session now!