Edition: Professional, Business, Enterprise
User-level: Director, System Administrator
Previous steps: Setting up your default rates
This article will cover frequently asked questions about the Standard Rate group and the use of it in reporting.
Why can't I delete the standard rate group?
You cannot delete the Standard rate group because it is being used in the project financials page. More specifically, you will find the standard rate group being used against the project rate group in the progress, profitability and recoverability reports.
Use of standard rates in standard cost reporting
Standard costs are the baseline or lowest suggested value that each rate or expense item should be charged out at on an invoice and still make a profit. Therefore, Standard rates are the same but relating to your role charge out rates. We use the Standard rates in reporting as a baseline to compare the actual project financials against the Standard costs of the business. It allows Project Managers to use the standard metric of reporting, rather than the actual, which is only accessible by Directors and System Administrators.
Standard rates are here to stay and cannot be deleted. You will find them useful when comparing actual costs to projects to your standard ones, to ensure profitability and recoverability on all stages.
Where to next?
What other features does this relate to?