Edition: Business, Enterprise
User-level Director, System Administrator
Previous steps: Setting up your staff rates
Overtime rates allow staff to track hours in their timesheets from public holidays, or any extra hours over their 'standard' working hours. These hours can be paid or unpaid and you can define the cost and charge out value from within the rates. The standard overtime rate is the default option on all new staff records and will be available to all staff when entering a timesheet.
Why use overtime rates?
Staff can select this overtime rate when entering work on a project that is over their scheduled hours.
Overtime rates allow you to keep track of the specific hours, costs and charges worked on a project so you know exactly how profitable your project is.
You can view any overtime added against a timesheet in the Timesheet report, this allows you to keep track of which staff have done overtime.
Add an Overtime rate
Go to Organisation drop down > Settings > Financial > Overtime rates
Click the 'Add' button in the top right corner.
Type a 'name' for the overtime rate. e.g. Double time, or time and half.
Type a 'charge factor' value such as 2 for double time or 1.5 for time and a half.
Type a 'cost factor' value. e.g. Enter 1 if the cost is the same as normal, or 2 if the salary paid for the overtime is double the normal rate.
Save.
Once the overtime rates have been added only the 'description' can be changed. If other fields need to be changed you can either delete the item or make the rate inactive, and then create a new record.
Terms Explained
Charge factor: The multiplier used to calculate the chargeable value of the overtime transaction. For example 2 to double the value, 1.5 to increase the value by 50%. A factor 0 is also supported.
Cost factor: The multiplier used to calculate the cost value for the overtime transaction. For example 2 to double the cost, 1.5 to increase the cost value by 50%. A factor 0 is also supported.
Tip: The default overtime rate of 'standard' cannot be deleted, changed, or made inactive.
Examples of Overtime rates
Some common examples of overtime rate include:
Standard time - Charge 1, Cost 1
Overtime (non-paid) - Charge 1, Cost 0
Double time - Charge 1, Cost 2
Time and half - Charge 1.5, Cost 1.5
For instance, the 'Director' standard rate has a charge-out value of $/£100 per hour, and a standard cost of $/£80.
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 set up 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 $/£150 per hour, and $/£120 cost.
Assigning Overtime rates to Staff
Once Overtime rates have been created, these can be assigned to the relevant staff members.
Go to the Staff page by either:
Organisation drop down > Staff or
Click "# Active Staff" on the Stats bar.
Find the staff member you'd like to add Overtime rates to and either:
Click the Edit pencil at the end of their name > Overtime or
Click their name to enter their profile, then click the Employee menu > Staff Financials > Overtime rates.
Ticking the 'primary' box will determine the default overtime rate for timesheet entry.
Tick the 'Selected Rates' box for each overtime rate that the staff member needs to use when entering their timesheets.
Save.
Entering Overtime hours in Timesheets
After staff have been assigned overtime rates, they will be able to change the overtime rate they log time under on their timesheets.
Click on the rate under Rate (Overtime), e.g. below 'Director (Standard)':
This will open a new window where the Overtime rate can be selected from a dropdown list. The drop-down list will only populate with Overtime rates that have been specifically assigned to the staff member entering the Timesheet.
Set Overtime rate as inactive
If any Overtime rates are no longer needed, on the Overtime rates list, tick the rate using the checkbox on the left, click on the bottom down arrow and select 'Set as not active'.
Searching and Filtering
Filter the Overtime rate list by selecting the search (magnifying glass) button to view inactive rates that are Active and Inactive. Or, enter a search term into the Search bar.
Tip: Return to the default view by choosing the clear button in the search bar.
Tracking overtime rates will provide individual staff members the ability to log any Overtime that has been completed. The cost and charge factors on each further enables accurate cost reporting on this Overtime.
Where to next?
What other features does this relate to?