Rate Lock Scenario #3

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

Scenario #3 Rate Lock Explanation (Project Level)

This rate lock applies to Projects. Any Project created on or before the requested date will retain its original rate at the time of the lock. This is typically used to keep past work for a client at a lower rate, while future work can be billed at a higher rate.

Common Situations for Requesting a Project-Level Rate Lock:

• I want to lock in rates for all projects before the new quarter starts.
  You can request a Rate Lock for all projects so that any new projects will reflect the updated rates for the next quarter.

• I have ongoing projects at a contracted rate but want to charge new projects at a higher rate.
  In this case, you can lock the rates for existing projects while charging a higher rate for any new projects under the same client.

• A User is transitioning from administrative work to paralegal tasks on new projects.
  You can lock rates for the projects where the User still performs administrative work, while charging the higher paralegal rate for future projects.

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

Submitting a Scenario #3 Rate Lock Request

To request a rate lock, send an email to support@Bill4Time.com. Be sure to keep your account set to the old rates during the process to prevent locking in incorrect rates.

General Request Information:

For a Scenario #3 Rate Lock, include the following details:

• Company ID
• Rate Lock Scenario: #3
• Effective Date: Lock entries on or before 00/00/2021, so new rates apply from 00/00/2021 onward.

Specific Clients, Projects, or Users:

If your request applies to specific Clients, Projects, or Users, provide the following information (skip these fields if applying to all):

• Client Name & ID
• Project Name & ID
• User Name & Employee ID
• Current Rate
• New Rate

After the Rate Lock Is Completed

Once the lock is complete, a member of the Support Team will notify you. At that point, you can safely update your rates. If you need help with this, click here for instructions.

All locked Projects created before the effective date will reflect the locked rate. To view this, navigate to the Project's page and click on the Billing Rates subtab. The "Override Rate" column will show the locked rate with a checkmark.

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.