Custom Bill Formulas

Description

In this release an enhancement has been completed to provide the ability to configure 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 standard rates 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

Custom bill rate formulas can now be created so that the bill amounts for invoice items can be formulated based on any combination of the following:

• pay rate

• pay quantity

• bill oncosts

• fixed values

• formula component (predefined group of bill oncosts or a predefined fixed value)

• other custom bill rate formulas.

For example, consider a scenario where the bill rate needs to be the sum of the following values:

• pay rate

• payroll tax

• superannuation

• 15% margin on pay rate

• -$1.35 invoicing fee discount.

Such bill rates can be defined by creating a custom bill rate formula. Once a custom bill rate formula is created, it can be applied to bill rate rules on bill agreements and to bill items in a standard rates matrix on a job order or standard rates template, which is used to create standard rates job orders, so that bill results can be calculated using the relevant custom formula. For more information, see Job - Custom Bill Formulas.

Rate Matrix Formula

Custom Rate Matrix formulas can now be created so that the formula displays and calculates within the Agreement and Standard Rate Matrix that has been assigned to a job order or job template. Formulas can be created any combination of the following:

• pay rate

• pay quantity

• bill oncosts

• fixed values

• formula component (predefined group of bill oncosts or a predefined fixed value)

• other custom bill formulas.

Rate Matrix formulas do not influence the outcome for billing purposes, and as such cannot be assigned to Bill Rate rule, or to Standard Rates like a Bill Rate Formula. This formula type can be used to provide a calculated result within a rate matrix, that may be used for internal purposes – for example where FastTrack's standard formula for Gross Profit does not reflect the way the Agency calculates gross profit.

During configuration, a Rate Matrix Formula is linked to a Hierarchy Group and Hierarchy Level, which is then used to determine where the formula will display. For example, if the Rate Matrix Formula is configured to display at a Country level, where Agreement or Standard Rates are assigned in a Job or Job Template, if the formula's country matches the Job Order's Office Country, the formula will automatically display. This means that a Job's Rates may show more than one formula if the formula hierarchy corresponds to the Job's hierarchy. For more information, see Job - Custom Bill Formulas.

Benefits

The ability to create custom bill rate formulas and custom rate matrix formulas provides the flexibility to base bill amounts and gross profit calculations on specific criteria that meet the requirements of your business if the system-defined margin/markup types and gross profit percentage calculation do not suit your business.

Configuration

For information on how to create custom bill rate and rate matrix formulas, see Custom Bill Formula Maintenance.