Historic rates

We’re introducing historic hourly rates!

If a team member gets a raise or you start charging more for a project, you no longer have to lose previous billing amounts.

Now, when you change an hourly rate, the new rate will be applied only to new time entries going forward.

You can see each entry’s hourly rate when you hover over the amount in the Detailed report (as well as in CSV/Excel export).

How it used to work
Time entries always had the same rate. When you change a rate, the change is applied to all entries retroactively.

How it works now
Time entries get the current rate when they’re created or updated. When you change a rate, the change doesn’t affect existing entries (unless you manually overwrite them).

Applying the new hourly rate to existing time entries

A historic rate is overwritten when you or your team member edits a time entry with a historic rate (change billable status or project). In that case, the entry will inherit the new rate and its previous rate will be lost.

  • You can make the new rate apply retroactively to existing entries from the screen where you change the rate (Enterprise feature)
  • You can manually update time entries yourself by clicking on their billable status or change their project (you can do that individually entry by entry, or in bulk)
  • To prevent losing a historic rate, you can lock timesheets so regular users can no longer edit their old time or add time to the past.

Example

Let’s say you were charging $10 per hour in 2019. On Jan 1st 2020, you raise the rate to $20.

When you run a report for 2019, existing time entries will have the original rate of $10. But all the new entries you create now will have the new $20 rate.

This also means that if you create a new back-dated entry for 2019, that entry will have the new $20 rate.

Or, if you go back and update some old entry (eg. change its billable status), the entry will pick up the new $20 rate.