EXPLANATION OF SCENARIO #2 RATE LOCKS (CLIENT LEVEL)
This rate lock applies to Clients. Any Client that was created on the requested date or before that date will be locked into the rate they had at the time of the lock. It is most used when you want to maintain lower pricing for older Clients but would like to have a higher rate for all incoming Clients.
There are many different situations that might lead to this kind of rate lock request. A few examples would be:
- I'd like to raise my rates for the new year but my current rates are already under contract and established with my current Clients.
Here you can request this Rate Lock so that all current Clients maintain the current rates of your Users but any incoming Clients would be subject to the new rates.
- I have a base of loyal Clients and I'm wanting to reward them by not raising their rates, but raise my rates as normal for my other Clients.
In this case you can request the lock for only those specific Clients so their rates stay the same while your other Clients see your standard increase.
- There's a specific User who's being promoted, but will still be doing some of their old tasks for current Clients.
In this situation you can request the Rate Lock for just this User, and can request it for either all or for specific Clients.
Please Note: Rate Locks will not impact any entries that have already been overridden or are on a Finalized Invoice.
SUBMITTING A SCENARIO #2 RATE LOCK REQUEST
Any Rate Lock request must be sent to support@Bill4Time.com 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 2 Rate Lock to lock all entries should include the following information:
Rate Lock Scenario #2
Rate Lock for 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):
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 Client throughout the system that is dated before the change over date will show the locked in rate. If you navigate to the Client's page and click on the Billing Rates subtab you'll see the "Override Rate" column on the 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.