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Hourly Rates in Wrike's Budgeting


Availability: Enterprise Pinnacle. ; Unavailability: Free, Professional, Team, Business Plus, Enterprise Standard;

Overview

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

Note

Hourly rates can be specified for all users, except for Collaborators, Contributors, and Viewers.

Hourly rates are represented by two fields:

  • Bill rate: The external hourly cost of a service, used to bill your client. Specify the rates you charge your clients here.

  • Cost rate: The internal hourly cost of a service, used to calculate your company’s labor costs. Specify the cost of an employee or contractor to your business here.

These hourly rates work alongside tracked time and task effort to automatically calculate actual and planned bill amounts and labor costs. By default, all projects in the account use default hourly rates for financial data calculations. However, you can override these defaults with specify custom hourly rates for specific projects.

If your project uses default hourly rates and these rates change in the user or job role settings, the change won’t apply to time entries and task efforts added before the change. This preserves calculations based on previous rates, and the updated rates will only apply to future entries.

For example, if you update a user’s cost rate, the Actual cost field won’t recalculate data for days before the change. It will reflect the update starting from the day the edit was made.Conversely, when a project uses custom hourly rates, these rates will apply to all time entries and efforts, including those created or specified for dates before the change. You can learn more about this on the Custom Hourly Rates for Projects page.

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