To create a custom bill formula, follow the procedure below.
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It is important to use bracket operators (Open Bracket/Close Bracket) to ensure that a formula is executed in the correct order, otherwise the results if the formula may not be as expected. For example:
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How to create a custom bill rate formula: | ||
1. | Navigate to Rates & Rules > Maintenance > Custom Bill Formulas > Bill Formula Maintenance. The Bill Formula Maintenance screen opens. | |
2. | Click Add. The Bill Formula Entry screen opens. |  |
3. | In the Country field, change the country that is selected by default if you require the formula to apply to a country other than the default country. | |
4. | In the Name field, key in a descriptive name for the formula. | |
5. | In the Formula Type field, select Bill Rate Formula or Rate Matrix Formula depending on whether you want the formula that you are creating to be used to calculate bill results or to calculate gross profit margins respectively. | |
6. | In the Description field, key in a textual description of the purpose of the formula. | |
7. | In the Formula Builder section of the screen, click Add. A new, blank row is added to the Formula Builder section of the screen. | |
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8. | In the Type field, select the type of component that is to be added to the formula. For more information about the different types of components that can be selected, see below. | |
9. | In the Component field, select the component that is to be added to the formula. For more information about the different components that can be selected, see below. | |
10. | If you selected Value at step 9, key in the fixed numerical value in the field that appears next to the Component field. Alternatively, if you selected a component that represents a variable value, such as pay rate, key in a numeric value for the variable component in the Test Value field so that you can test your formula. | |
11. | Repeat steps 8-10 until you have built out the formula according to your requirements. | |
12. | Test the formula by clicking Evaluate Formula. If the formula is valid, the Test Formula pane displays the result of your formula. If your formula is invalid, an informative error message is displayed and you will need to refer to the error message to determine why the formula is invalid and therefore how the formula needs to be fixed. |  |
13. | When the formula has been tested successfully, click Save. The formula component is saved. |  |
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You cannot save a formula that is invalid. Once a formula has been used on a bill rate rule or in the rates matrix on a job order or job template, the formula is locked down and only the formula name and description can be edited. |
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The table below lists and describes the type of components types that can be included in a custom bill formula.
Component Type | Description | ||
Operator | Allows a mathematical operator to be added into the formula. When this component type option is selected, the Component field lists the following options:
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Bill Oncost | Allows an individual bill oncost to be added into the formula. When this component type option is selected, the Component field lists all active bill oncosts that belong to the same country as your formula.
Because bill oncosts are a variable value, you must key in a test value for the selected bill oncost when testing your formula. | ||
Value | Allows a specific type of value to be added into the formula. When this component type option is selected, the Component field lists the following options:
All the abovementioned options except for Fixed Value are variable values and therefore you must key in a test value for these components when testing your formula. The Fixed Value component inserts a fixed numeric value into your formula and therefore requires that you specify the actual fixed value before you test and save your formula. | ||
Formula | Allows another custom bill rate formula to be added into the formula. When this component type option is selected, the Component field lists all active custom bill rate formulas that belong to the same country as the formula you are creating. | ||
Formula Component | Allows a formula component (named fixed value or named group of bill oncosts) to be added into the formula. When this component type option is selected, the Component field lists all active formula components that are configured in Agency Portal > Rates and Rules > Maintenance > Formula Component Maintenance and belong to the same country as your formula. If the formula component you select corresponds to a group of bill oncosts, the value of the component will be a variable value and therefore you must key in a test value when testing your formula. |