Rate Lock Process

There is currently not a way for you to lock in rates for your firm, however, the Support Team will be happy to process Rate Locks at your request.

Two-step Process 

1. Send a rate lock request to our support team following the steps below. 
2. When you are notified by support the rate lock has been completed, you can then adjust to your new rates.

**Your old rate(s) must remain in the system while the lock is being completed.

Types of Rate Lock Scenarios

1. Time Entry Level (Scenario 1) – This rate lock will be applied towards time entries dated as of the requested date and back so that new time entries entered after locked date will be on the new rate. For more information click here. 
2. Client Level (Scenario 2) – The rate lock will be applied towards clients who were created as of the requested date so that new clients created after locked date will be on the new rate only. By default, this will apply to projects set to client defaults as well. For more information click here. 
3. Project Level (Scenario 3) – This rate lock will be applied to currently created projects only as of date requested and back so that any new projects for existing or new clients entered after locked date will be on the new rate only. For more information click here. 

Request a Rate Lock

If you would like this completed you will need to email Support@bill4time.com with the information below:

1) Your Company ID

2) Which rate lock scenario are you requesting?

3) What user(s) or client(s) will this lock apply to (if all, you can say "all users/clients")?

4) What are the old rates and the new rates?

5) Effective date of the new rate.

Timeline

Rate locks can take 7-10 business days to complete. For requests dated in the future, the 7-10 business days start from the date of the rate lock. For example, if it's 12/15 and your request is for a rate lock to start on 01/01, the 7-10 days starts on the first business day after 01/01.  Rate Locks cannot currently be performed before the date has occurred. 

For rate locks requested on dates in the past, the request will be completed within 7-10 business days.