In the 11.37 release we have introduced the concept of Custom Bill Formulas. Two types of formulas can be created:
Bill Rate Formula – a custom built formula that can be assigned to bill rate rules on bill agreements and to bill items in a standard rates matrix on a job order, or job template. Bill results will then be calculated using the relevant custom formula.
Rate Matrix Formula – a custom built formula that will display based on a Job or Job Template's hierarchy matching to the custom formula's hierarchy, where Agreement Rates have been assigned. Results will calculate and display in the rate matrix, based on the assigned formula. Rate Matrix Formulas are for display purposes only and will not influence the bill result.
Bill Rate Formulas
Description
Enhancements have been made to the agreement and standard rates matrix that is displayed in the Rates section on the Recruitment Manager > Job Order / Job Template screen to cater for displaying and editing of rates that have been calculated via a custom bill formula.
Custom bill rate formulas are a new concept that has been introduced in the 11.37 release. For more information, see Rates & Rules > Custom Bill Formulas > Bill Rate Formula.
For agreement rates job orders, if an item in the rates matrix on the job order was calculated via a custom bill rate formula, the Bill Type column in the rates matrix displays the text Bill Rate Formula, as highlighted shown below.
You can click on the Bill Rate Formula label to display a popup that shows the bill rate formula that was used to calculate the bill rate, as shown below.
Where an item in the rates matrix has been calculated using a custom bill rate formula, the Bill Value column is display-only and shows the result of the custom bill rate formula calculation.
The Bill Rate column also displays the result of the custom bill rate formula calculation and, if the applicable bill agreement has been configured to allow bill rates to be edited directly on a job order and you have security permissions that allow them to edit the rates on a job order, you can edit the value in the Bill Rate column, or in the Gross Profit column, which automatically updates the bill value and bill rate.
If the bill rate is updated in the rates matrix on the job order, directly or by editing the gross profit value, the custom formula will not be recalculated and the new bill rate will effectively be a flat rate that has no relationship to the original custom bill rate formula.
For standard rates job orders, a bill rate formula can be applied to an item in the rates matrix by selecting the Bill Rate Formula option from the existing Bill Type column. This enables a new Custom Formula dropdown, which allows a custom bill rate formula to be selected, as shown below.
When an option is selected in the Custom Formula dropdown, the Bill Value column shows the result of the custom bill rate formula calculation and is display-only. The Bill Rate column displays the same value but allows the calculated value to be edited manually and doing so results in a flat bill rate that has no longer has a relationship to the custom bill rate formula that generated the original bill rate value.
Bill rate formulas can also be applied to agreement and standard rates for job templates in the same manner as described above.
If the bill rate for a direct valuation pay item is calculated via a custom bill rate formula, the rate matrix on the job order may display a value of zero for the bill value and bill rate depending on how the formula has been structured. For example, if the formula uses the pay rate the actual pay rate will not be known until the direct valuation rate is keyed on a timesheet and therefore the bill value and rate may be displayed as zero in the rates matrix on the job order. However, when the timesheet is interpreted, the correct bill amount will be calculated based on the formulation of the custom formula.
Benefits
This enhancement complements the custom bill rate formula functionality that has been introduced in this release and helps identify bill rates that have been calculated using a custom formula as opposed to a standard, hardcoded margin/markup formula.
Configuration
For information about configuration of custom bill rate formulas, see Rates & Rules > Custom Bill Formulas > Bill Rate Formula.
Rate Matrix Formulas
Description
Enhancements have been made to the agreement rates matrix that is displayed in the Rates section on the Recruitment Manager > Job Order screen and Job Template, to display calculated rates based on a Rate Matrix Formula. Rate Matrix Formulas, unlike Bill Rate Formulas, do not influence the bill rate used for the purpose of invoicing.
Rate Matrix Formulas are configured to display in the Agreement and Standard Rate matrix, where the hierarchy assigned to the formula matches with the Job Order's hierarchy. As such, more than one Rate Matrix Formula could apply to a job.
Rate Matrix Formulas are a new concept that has been introduced in the 11.37 release. For more information, see Rates & Rules > Custom Bill Formulas > Bill Rate Formula.
Where a Rate Matrix Formula is applicable to a Job Order or Job Template, the formula will display in a column by default next to the standard Gross Profit column. Results will calculate and display next to each relevant rate component as per the defined formula.
On hover of the Rate Matrix Formula header, a tool tip will display the formula components.
Benefits
This enhancement complements the custom bill rate formula functionality that has been introduced in this release and provides additional scope for Agencies that wish to present results calculated using formulas relevant to the Agency. For example, where FastTrack's standard Gross Profit formula is not the same as the formula used by the Agency. Please note that Rate Matrix Formulas do not influence the billing results.
Configuration
For information about configuration of custom bill rate formulas, see Rates & Rules > Custom Bill Formulas > Bill Rate Formula.