Rate Lock Time Entry (Scenario #1)

** Updated as of October 2024: Completion now within 2 Business Days **

Scenario #1 Rate Lock Overview

A Scenario #1 Rate Lock is the most comprehensive type, covering all Time/Expense entries within a specified date range. It's commonly used at the end of the year to preserve old rates before applying new rates for the upcoming year.

Common Scenarios for Requesting a Rate Lock:

• Increase rates for the new year, but keep previous rates for past entries.
  In this case, you’d request a lock for all users to ensure all past entries are held at the previous rates.
• Lock rates for specific Clients or Projects but leave others unchanged.
  You can request this lock for specific Clients or Projects while keeping other entries unaffected.
• Update a User’s rate for the new year, but preserve their old rates for past entries.
  You can request this lock for specific Users or all Users on your account.

Note: Rate locks do not apply to entries that have been overridden or are on finalized invoices.

Submitting a Scenario #1 Rate Lock Request

To request a rate lock, email support@Bill4Time.com. Ensure your account is still set to the old rates during processing to avoid locking incorrect rates.

General Request Information:

For a Scenario #1 Rate Lock, include the following:

• Company ID
• Rate Lock Scenario: #1
• Effective Dates: Specify the date range, e.g., lock entries dated on or before 00/00/2024, so new rates take effect as of 00/00/2024.

Specific Clients, Projects, or Users:

If your request is for specific Clients, Projects, or Users, follow these steps:

1. Run the User Rates Report, selecting the necessary Users, Clients, or Matters.
   • Exclude disabled users, clients, or matters, as rate locks cannot be performed on them.
2. Export the report to Excel (or google sheets) and attach it to your email.
   • This ensures the correct IDs are used, as the system uses IDs to avoid confusion between clients or matters with similar names.
3. Edit the Excel file: If you don’t want to lock all entries, remove (don’t hide) any irrelevant Users, Clients, or Matters from the Excel file.

Alternatively, you can send separate files for Users, Clients, or Matters.

After the Rate Lock Is Completed

Once the rate lock is completed, a support team member will notify you. At that point, you can safely update your rates. If you need help with this process, click here for instructions.

All locked Time Entries dated before the effective date will show the previous rate. The "Override" checkbox will appear next to the locked-in rate on each entry.

Note: Entries that were already billed and finalized won’t be affected by the rate lock. If necessary, you can unfinalize these invoices after the rate lock is applied to update them with the new rates.