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Hourly Rates in Wrike's Budgeting

Overview

Hourly rates are an essential part of financial planning and tracking of projects. In Wrike’s Budgeting, you can specify:

Note

Hourly rates can be specified for all users except collaborators.

Hourly rates are represented by two fields:

  • Bill rate: It’s the external hourly cost of a service based on which you bill your client. Use this field to specify the rates you charge your clients with.

  • Cost rate: It’s the internal hourly cost of a service based on which you calculate your company’s labor costs. Use this field to specify what an employee or contractor costs you as a business.

All hourly rates are used alongside tracked time and task effort to automatically calculate your actual and planned bill amount and labor costs. By default, all projects in the account use default hourly rates to calculate the financial data. But if you want to override the default hourly rates for any project, you can specify custom hourly rates for it.

If your project uses default hourly rates and these rates are changed in the user or job role settings, the change will not apply to time entries and task effort that had been added before the rates were changed. This way the calculations based on previous rate values will be preserved and the updated rates will only be taken into account after the rates are changed.

For example, if you update a user’s cost rate, the Actual cost field will not recalculate any data for the days before the change was made. But it will reflect the update starting from the day you made the edit.

On the other hand, when a project uses custom hourly rates, the custom rates will apply to all time entries and effort, including time entries created and effort specified for dates prior to the change. You can read more about it on the Custom Hourly Rates for Projects page.

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