What are Budget Rates?
Budget rates are defined by the company, they are the employee rates which certain labor activities will have as a multiplier. Only labor cost-codes can have a rate applied.
Where are Budget Rates located?
Budget Rates are located in the Budget module under the Financial menu header, located at the project level.
In the Budget Summary page the user has to click the Edit Budget button in the upper right hand corner.
In the Budget Setup screen the user must click the Edit Rate button in the upper hand corner.
The Manage Rates window will popup; from here the user can add/edit/delete all rates. The user enters in a name and a rate per hour. Once completed the user click the Save Changes button in the lower right hand corner.
Applying Rates to Labor Costcodes
Once the user has defined labor rates, they can be applied to the labor cost-codes. Labor rates can only be applied to cost-codes which allow the user to enter in hours.
The user has the option of entering in either labor dollars or labor hours for a cost-code. If the user enters in labor dollars the hours fields will be removed. If they enter in hours the dollar field is removed.
Once the user selects the rate, the system will calculate the total labor dollars.
Once all labor cost codes have a rate applied click either the Save Draft or Lock Budget buttons in the lower right hand corner.