TimeCamp’s Billing add-on allows you to easily track your project’s budget and margin. You can create various income/cost rates and assign them to specific projects or users. Then simply track time on your tasks and generate reports, which would count your margins automatically.
Billing rates and tracked time can be easily used to create an invoice.
Specific billing rates are available only in the Ultimate plan. General billing settings will be available both in Premium and Ultimate plans.
How to enable billing rates?
The administrator's privileges are required to access account settings and enable the module.
To activate the Billing module log in to your TimeCamp, click on your avatar in the upper-right corner and select the Account Settings option. Next, go to the Modules tab, find the Billing module, and click on the switch button to enable the Billing rates. After the module is enabled click on its Settings.
After the module is enabled you can find the Billing rates section on the left side menu. If you decided not to use the Billing rates module you can simply disable it in the Modules tab.
Billing settings
Only the Administrator of the account can access the Billing rates tab.
Here you can start with setting currency and decide whether or not to use the rate value history feature.
The rate value history feature will allow you to use different rates (for a specific project or user) in a different timeframe. Here you can learn more about applying and editing rates history.
In the Rates section, you can manage the default general rates. The following options to set and edit are available here:
- Rate name
- Rate value
- Rate type (revenue or cost)
- Delete rate
- Add a new rate
You can set both revenue and cost rates or keep only one type of rate.
When you finish editing general rates, don't forget to save settings.
By default, the revenue rates define your income, the amount you get from working on projects and tasks. And the cost rates define how much this work costs you, and the expenses that you spend money on. You can also change the title of the rates to match your needs.
These rates will be applied only if you don’t set up specific rates for Users or Projects.
