Tip of the Week: Fixed Fee by Task Codes
Fixed fees offer predictability for both you and your clients. And where there is predictability, it leaves less room for any potential disputes once the bills roll out. In TimeSolv, you can setup fixed fees for specific Task Codes, so that when you apply the Task Codes to time entries, the fixed fee is automatically applied as you set it up to be.
Learn profitable benefits of Legal Project Management
To access Task Codes, click on Time>Settings. Click on the Task Codes tab to either create a new Task Code or edit an existing Task Code. When the dialog box appears, you’ll see an option to enter a rate for the task as well as the Rate Type. Make sure you select ‘Task’ under the drop down for Rate Type.
Next, you need to ensure you have the correct rate settings under your Matters/Projects. To do this, click on Clients>Clients&Matters>[Matter name]. Under the Rate By field, select ‘Task then Timekeeper Default‘. This means that when you are entering time and you specify a Task Code, the Task Code rate will always override any default rate set up under the Timekeeper.
Lastly, just specify the Task Code under Time Entry screen, and you’ll notice the rate and amount fields disappear. Once you save the time entry, the rate will appear based on how you set it up under the Task Code settings.
If you’d like more help on creating a fixed fee entry call us at 1.800.715.1284, email us at support@timesolv.com or Contact support.
wherever you do.
TimeSolv in action.
