Overtime rates

Add overtime rates for staff to select when entering timesheets. Use the overtime rates to report on the number of extra hours completed by staff, and calculate the charge-out value and costs for the transaction differently to the standard rates.

*This feature is available with the Synergy Business or Enterprise products.*

What are overtime rates?

Overtime rates are used to track the number of extra hours your team work, on-top of their agreed 'standard' salary hours. The overtime hours are track by the staff timesheets entered. Each staff member can only use the overtime rates that have been setup as approved for use on their staff record.

Each overtime rate allows you to define a separate 'cost' and 'charge' factor. The factor is the multiplier used for overtime transactions to calculate the 'cost' and 'charge' values, and many overtime rates can be created with the same cost or charge factor applied. For example - the 'director' standard rate has a charge-out value of $200 per hour, and a standard cost of $160. The 'director' rate is used with an overtime rate of 'time and half' applied in staff timesheets. The overtime rate 'time and a half' is setup so that both the charge and cost factors are 1.5. Based on the overtime rate factors, the entered transactions will show with a charge-out value of $300 per hour, and $240 cost.

Create multiple overtime rates to track each type of overtime separately in transaction reports e.g. standard time, overtime (non-paid), double time, time and half, public holidays etc. After the overtime rates have been added only the 'description' can be changed. If other fields need to be changed try either deleting the item or making the rate inactive, and then creating a new record.

Why use overtime rates?

Reflect the true cost of your staff working extra hours by creating overtime rates and defining the cost and charge-out factors for the overtime work. Use the same factor on multiple overtime rates to report on the time recorded against each overtime type.

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Tip: The cost and charge factors on a saved overtime rate cannot be changed, as this would impact a large number of existing transactions. Try making the existing record inactive, and adding a new record with the different cost / charge value. The same name / description can be used on the new record.

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