Rate Lock Scenario #1

EXPLANATION OF SCENARIO #1 RATE LOCKS

This is our most comprehensive type rate lock, as it captures every Time/Expense entry for the specified date range. It is most commonly used at the end of the year, to lock in your old rates before increasing your new rates for the new year.  

There are many different situations that might lead to this kind of rate lock request. A few examples would be: 

• I want to raise my rates for 2020 but keep my previous rates intact.
  In this situation, you'd want to request the lock for all Users on your account so that absolutely everything is held at the previous rate. 
  
  
• I want to lock my rates for all entries under a specific Client/Project but leave others unaltered.
  In this situation, you can request this lock for all Clients or for specific Projects under this Client. 
  
  
• I want to update a User's rate for the coming year, but I want to keep their old rates intact.
  In this situation, you can request this lock for all your Users or just for specific Users. 

Please Note: Rate Locks will not impact any entries that have already been overridden or are on a Finalized Invoice. 

SUBMITTING A SCENARIO #1 RATE LOCK REQUEST

Any Rate Lock request must be sent to support@Bill4Time.com in order to be processed.

Please note: When submitting a Rate Lock request, please be sure to leave your account set to the old rate while we process this request. If any changes are made while the developers are locking your entries, it may cause your entries to be locked in at the incorrect rate.

A general request for a Scenario 1 Rate Lock to lock all entries should include the following information: 

Company ID: 
Rate Lock Scenario: #1 
Effective Dates: 00/00/2021 and before, so that new rates take effect as of 00/00/2021

If you are wanting to submit a request for specific Clients, Projects or Users then please include the applicable fields below (if you're wanting All Clients, All Projects or All Users then no need to include these fields): 

Client Name: 
Client ID:
Current Rate:
Updated Rate:

Matter Name: 
Matter ID: 
Current Rate:
Updated Rate:

User Name: 
Employee ID:
Current Rate:
Updated Rate: 

HOW TO PROCEED ONCE THE RATE LOCK IS COMPLETED

A member of our support team will notify you once your lock is completed. At that point, you will be safe to change your rates. If you need instructions for this process, please click here.

Every requested Time Entry dated before the change over date will show the locked-in rate. If you click on a locked entry you'll see the rate field in the lower right has the "Override" checkmark next to it along with your requested rate lock amount. 

If you have any entries that were already billed and finalized at a different rate, the lock will not update them. If needed, you can always unfinalize those invoices once the lock is completed and your rates have been changed, to help pull in the updated rates.