Defining Global Rates
Cost rates and Billing rates can be set globally in Financial Manager. The global rates are managed and maintained in a centralized page to assist project managers in setting rates globally for team member roles.
Defining Global Rates for Team Roles
The global rates can be applied throughout the organization and for all projects that are created in Financial Manager. Changes made to the global rates will affect all projects where global rates are enabled. The count of projects using the global rates is displayed to alert project managers of the number of projects impacted by the changes.
Fixed rates and multiple flexible rates can be defined for each role at the global level and similarly at the project level. Project-level rates can be defined for the same roles where project managers have the flexibility to apply project-specific rates to the team member roles.
In the Global Cost Rates tab, set the initial rate, the current rate and the flexible rates per effective dates for each role.
In the Global Billing Rates tab, set the initial rate for each role.
Setting Global Cost Rates
Global Cost Rates are role-based rates set globally for all Financial Manager projects. These rates are defined for each role at the application level and applied wherever the roles are assigned to team members working on projects. Projects should be enabled to use the global rates in project configuration otherwise, the project-level rates will be used by default.
Team members without a role in a project assume the default member role and inherit the project's default cost rate.
On the home page, click Global Settings in the upper-right corner.
Click the Global Cost Rates tab.
Click the chevron for the Role Name that you want to define a global rate. This expands the list of rates for this role.
Enter the value for the Initial Rate in the Cost Rate column.
To add new rates based on effective dates, click the + to add an effective date.
In the Add Global Cost Rate for Role window, do the following:
Select an Effective Date for this rate.
Enter the Cost Rate that will take effect at the selected date.
Click Yes to save this rate.
Add other effective rates where necessary.
The effective rates will be applied when the set effective dates are reached. The current effective date is then labeled as current. The Current label is moved from the Initial Rate to the currently effective rate.Define the similar rates to other team roles.
To update other rates in the table, make your changes in the Cost Rate column.
To delete an effective rate for a role, click the delete icon.
Initial Rates cannot be deleted but they can be reset to null. When the initial rate is null and no effective date is defined for the role, the default hourly rate will replace the Global Cost Rate for the team member in projects.When done, click Apply Changes.
The count of projects using the global cost rates is shown in the heading for information purposes. Changes that are made to the global cost rates will be applied to these projects where the team roles are participants in the project.
Depending on the number of projects that are enabled with the Global rates, this update is processed, and for a large number of projects, a progress dial will be displayed momentarily until the update is completed.
Setting Global Billing Rates
Global Billing Rates are role-based rates set globally for all Financial Manager projects. These rates are defined for each role at the application level and applied wherever the roles are assigned to team members working on projects.
On the home page, click Global Settings in the upper-right corner.
Click on the Global Billing Rates tab.
For a team role, enter the billing rate value in the Billing Rate column.
The changes are made inline and saved as you move to another row.
Undefined billing rates are left empty.
To make changes to billing rates, edit the values inline in the Billing Rate column.
You cannot delete a Global Billing Rate but you can set the value to null.