If you don’t want to go through the work of updating each project’s rates individually, you can create rate cards with set rates for staffers and share them across multiple projects. When you activate multi-currency for billing and invoicing, you'll have the ability to add a currency to any rate card you create. It's also possible for you to add multiple currencies to one rate card – you won't need to create a separate rate card for each currency. If a client uses a different currency than the one you set as your firm's base currency, BigTime will require you to create and use a common rate card for that client to account for the currency difference. Below, you'll learn how to add currencies to common rate cards, as well as how to edit or delete them later on.
NOTE: This article assumes you already know how to access and get started with rate cards.
Add Multiple Currencies To a Rate Card
1. First, find the project you want to create a rate card for in your project list. Click on its hyperlinked name. Then, navigate to the RATES tab, and then the BILL RATES sub-tab. This is where you’ll be able to add and edit your rate cards.
2. Towards the middle of your screen, you’ll see a button labeled ADD/EDIT COMMON RATE CARDS.
Clicking that button will take you to a new screen where you can manage your common rate cards.
4. Click on the GRAY ARROW on the right side of the CURRENT SELECTION field. From the dropdown menu that appears, click +ADD COMMON RATE CARD.
You’ll now see multiple fields where you will add details about your new common rate card, including one where you can add a currency or multiple currencies. The next steps will take you through adding a currency to a rate card, editing a rate card’s details, and deleting a rate card.
Adding a Currency to a Rate Card
1. First, set a name for your rate card, assign it to a staffer, and add details about the category the rate card belongs to. In the example below, we’ve named our rate card “Site Development Rate”, assigned it to Charlie Brown, and placed the rate under the “Research” category.
2. Now you can add a currency to your rate card. Find the field labeled ADD MULTIPLE CURRENCIES TO RATE CARDS, located on the right side of your screen.
Click on the GRAY ARROW on the right side of this field. A picklist will generate with each currency you’ve added to your firm’s currency list. Click on the checkbox(es) next to the currencies you’d like to apply to your rate card.
NOTE: If you’ve already logged time/expenses/invoices in a certain currency toward a project, the checkbox next to that currency will be locked and you won’t be able to remove that currency from your rate card. This is to maintain the integrity of your firm’s financial records for reporting. In the example below, we’ve already invoiced for this project in USD, so we won’t be able to remove USD from our rate card.
3. Once you’ve checked off the currency or currencies you’d like to add to your rate card, click the APPLY button to save your changes.
4. You’ll now see your added currencies appear in two new locations: under the ADD MULTIPLE CURRENCIES TO RATE CARDS field, and as columns in the table below.
5. Under each of these columns, you can add rates for each of your currencies. In the example below, we’ve added different values for each currency in Charlie’s rate card. If Charlie tracks time toward a project for a U.S. based client, his rate will be $90. But if he tracks time toward a project for a client in the U.K., his rate will be £100. For clients who use Euros as their home currency, Charlie’s rate will be €110. To save your rate card, click the blue SAVE CHANGES button in the bottom right corner.
6. Now, if you want to apply this rate card to your project, you can return to the previous screen and click the GRAY ARROW in the COMMON BILLING RATES field. The common rate card you added will appear in the picklist, and when you select it, you’ll see a message at the bottom of your window letting you know that you’ve selected a common rate card. If you’d like to clear this selection, you can click the hyperlink CLEAR THE SELECTED RATE CARD.
Remember to click the blue SAVE CHANGES button to save your selection.
Edit or Delete a Rate Card for Multi-Currency
You may want to edit or delete a rate card somewhere down the line. There’s a simple workflow you can follow to accomplish both these actions. Whether you’re editing or deleting a rate card, you’ll first need to be in your rate card editing window. Navigate to the correct screen by clicking the ADD/EDIT COMMON RATE CARDS button in your project’s BILL RATES window.
Then, select the rate card you want to make changes to from the picklist in the CURRENT SELECTION field.
You’re now in the correct place to begin editing or deleting your rate card.
Editing a Rate Card
There are a variety of edits you can make to an existing rate card. Here’s a walkthrough of each of those options.
You can change the name of your rate card by typing in the RATE CARDS field. Editing the currency amounts under each field works the same way – just type your new value into the text box under the appropriate column. You can also change the staffer on your rate card or change the category the card falls under by selecting new options from the picklists in each field.
You can also edit which currencies appear on your rate card. In the ADD MULTIPLE CURRENCIES TO RATE CARDS field, click the GRAY ARROW and uncheck the boxes next to whichever currency you’d like to remove. Keep in mind that if you’ve already logged time/expenses/payments towards this project in a certain currency, you won’t be able to remove that currency from your rate card. Click APPLY to save these edits.
Another way to remove certain currencies from a rate card is by clicking the X located next to the currency’s abbreviation in this same field.
It’s possible to add rates for multiple different staffers to one rate card. If you want to remove a certain staffer’s rates from your rate card, click the TRASH icon next to the row for that staffer.
After making all your edits, click the blue SAVE CHANGES button.
Deleting a Rate Card
To delete a rate card altogether, all you have to do is click the DELETE button, loathed to the right of your CURRENT SELECTION field.
A dialog box will appear asking you to confirm your choice to delete the rate card. If you’re certain you want to delete the card, click the YES button. Keep in mind that deleting a rate card is a permanent action. If you want to restore a deleted rate card, you’ll need to follow the steps for adding a new rate card from scratch.
There may be instances where you no longer have use for a rate card, but you don’t want to delete it entirely. In such cases, it makes more sense to mark the rate card as inactive. This will take the rate card out of rotation, but will still preserve information about the rate card in case you want to start using it again later. To make a rate card inactive, check the MARK INACTIVE box located to the right of your RATE CARDS name field. Then, click SAVE CHANGES to save your updates.