After configuring the default cost rates, enhance financial tracking by defining custom cost rates specific to individual budgets or deals.
This enables varying cost rates for different individuals within a specific budget, offering flexibility in monitoring overall budget and deal costs.
Adding a custom cost rate is optional. If not added to a budget, Productive will consider only the default cost rates.
Use Case: Managing Multiple Projects
Scenario:
Picture an employee juggling several projects at once, each with its own payment terms. On top of that, your agency may secure a special project requiring a unique skill not covered by standard cost rates.
Solution:
Custom cost rates let you set specific cost rates for each person working on a budget within a project or a deal.
Use Case: Tailoring Rates for Contractors
Scenario:
When working with contractors, their costs may change based on the project or client. For example, a contractor might bill at 10$/h on some projects, but on some others, their work might cost 15$/h.
Solution:
Custom cost rates offer more flexibility, letting you apply different rates for the same person based on the project they're working on.
This is handy when contractors charge differently based on the project or client.
Adding Custom Cost Rates
To add a custom cost rate, navigate to your budget or deal, open the sidebar, click on the budget settings ⚙️ icon, and then add a custom cost rate for the selected individual.
Here you can add all the people you want to have custom cost rates and define the rate and the currency.
Tracking Costs On A Budget
Once you've saved the changes, navigate to the Time tab in your budget to view the updated cost calculations.
A quick reminder; make sure to include the Cost field in the table if it's not already there!
The recently added cost rate will now be applied to all time entries tracked by the individual within this specific budget.
Note: If a person has the "Adds organization overhead to cost rate" checkbox enabled in their default cost rate, that overhead cost will be added to the custom cost rate as well.
Deleting Custom Cost Rates
Deleting a custom cost rate will result in reverting to your default hourly cost rate, and the costs of all time entries within this budget will be recalculated.
