Creating a Rate Label (Admin)

Law firms set billing rates to ensure profitability, establish their identity, and meet client expectations. When you complete work for the firm, you can use rate labels to quickly identify the value of the work you performed. Rate labels allow each system role, timekeeper, billable participant, entry quick code, or matter to have its own rate.

To create a rate label:

1. In Actionstep, go to Admin > Billing. The Billing page appears.
2. In the Rate labels section, click Create new rate label. The New Rate Label window appears.
3. In the Rate label field, enter a name for the new rate label. This is the name users will see when applying a rate to a task. 
4. Click the Entry Type drop-down list and choose from the following options: 
   • Hourly rate: These rates reference the number of billable hours to calculate a value for the time entry. The calculation is  Rate value * billable hour quantity. (This is the default selection.)
   • Fixed fee/flat rate: Choose this option to charge a fixed fee for a time entry. There is no calculation involved, as the time entry value is entered manually. 
     TIP:  This entry type is beneficial to record items that have an associated price. It removes the need to ensure the rate calculation equals the desired value. (When creating a time entry with a fixed rate, the Bill total is entered manually to dictate the value of the time entry.)
   • Customizable hourly rate: Choose this option to allow users to designate the hourly rate at the time of creating the entry. The custom rate is multiplied by the number of billable hours on the time entry. The calculation is Custom rate value * billable hour quantity. When creating a time entry with a customizable rate, the Rate value is manually entered.
5. Base rate value: Use this field to set the value of the hourly rate. 
6. Active: Toggle this option to on to allow this rate label to be used.  
7. Customize rate value by Timekeeper: Select this option to identify different rates depending on the timekeeper, then enter the rates in the associated fields.
   NOTE:  For example, sometimes a rate describes a certain party type or category (e.g., Lawyer). However, the amount billed per hour may vary between timekeepers: some timekeepers may be junior lawyers and some may be senior lawyers. Rather than create a rate label for each type of lawyer, you can customize this rate label by the timekeeper.  
   
   If no customized rate value is entered for a timekeeper their rate value will be the base rate.
   
8. When you're finished making changes, click Save.

• About Rate Labels
• Editing a Rate Label
• Setting Up Custom Price Groups (Admin)