Update Rates

Modified on Wed, 28 Jun, 2023 at 5:08 PM

You can update your Rate Cards directly from the Rate Card page, without opening the Services individually. This is helpful if you need to make bulk changes to reflect updated rates.

Please Note: Changes to Rates will not affect current Quotes, Bookings or Invoices, but will be used going forwards.

To update the Rate Card:

Menu > Admin Options
Open the Rate Card
Click Search to show your Rate Card
Edit the details directly on the Rate Card

The following Service attributes can be set using the character icons directly on the Rate Card page. These attributes can be toggled On (Green) or Off (Red).

Action	Description
Edit (Paper & Pencil icon)	Click to Edit Services (See Edit Services article)
Variable (V)	If your Service does not have a fixed rate (e.g. travel costs), toggle this setting on. You can leave Rate field blank or record a default price. This means that any changes to the rate will not incur, or display as, a discount.
Additional Service (£)	Toggle this setting on to allow Artists to record these services from within the Artist Portal in addition to completing their Actual hours.
Allow Discount (D)	This setting is on by default, allowing Services to be discounted on a Quote or Invoice. Toggle this off for Services which should not be discounted in any circumstances.
Inside / Outside (I/O)	You can use this setting to record if a Service is provided in-house (Internal) or outsourced (Outside). Toggle this setting to ensure your reports are kept accurate.

The following fields are unique to each Rate Card, so if you have more than one Rate Card, these fields can be different on each card. For example, if you have a UK and a US rate card, the rates might be different; or if you have a Rate Card for Projects in India, the description may be written in another Language.

Rate Card Detail		Description
Description		Description of the service that, by default, will be shown on the Quote & Job costing lines
Unit Price		Each service stores rate, being the price you would prefer to sell the item at to your clients before any discount. Many areas of the software refer to this as "ratecard price". This price will be used whenever you create a new Bid (unless you have configured a Custom Rate Card - more on that later). You are able to apply discounts and markup to most services (according to their "discountable" attribute) when bidding or billing - so this rate is really only a guideline.
Tax		Sets whether the service is taxable by default. Note that this can be set but has no effect on billing at this point, but will do in a future version.
GL Code		This code will link the Service back to an account in your finance software. In the UK - this is often called a "Nominal Code", and in the US it is typically called the "GL" or "General Ledger" code. Your accountant will be able to help you decide which codes to use. Usually, each type of service will share the same GL code. This allows you to group services together that you might want to perform calculations on. iCFM has its own reporting tool so we do not care what you use for the GL code - but if you plan on running reports from your finance software - please make sure you enter this value appropriately. This code will link the Service back to an account in your finance software. In the UK - this is usually called a "Nominal Code", and in the US it is typically called the "GL" or "General Ledger" code. Your accountant will be able to help you decide which codes to use. Usually, each type of service will share the same GL code. This allows you to group services together that you might want to perform calculations on. Of course, iCFM has its own reporting tool, so we do not care what you use for the GL code - but if you plan on running reports from your finance software - please make sure you enter this value correctly. Note: If you don't track any specific GL codes we can auto-assign one for you if needed.
Cost	Cost	This field stores the net cost incurred for providing this service. This may be for example a staff cost, or a cost incurred by utilising a suite. By adding these costs, you are able to perform a very quick profit and loss estimate at the time of bidding. NOTE: These costs are only really used when bidding. When it comes to scheduling, you can enter the real rates of the Artists you are using. However, these rates are used as a basis for the default costs when configuring artists services - see Artist Rates. NOTE: Depending on configuration, this field may not be present, or replaced with the T1/T2/T3 columns (see below).
	Tier 1	These fields store the net cost incurred for providing this service. Most of our customers use tier 1/2/3 to track rates for Junior, Mid-Level and Senior artists respectively, but you can re-purpose them to suit your own requirements. By adding these costs, you are able to perform a very quick profit and loss estimate at the time of bidding. Often, when bidding, you will not know which specific artists you plan to use on the Project, but you might well know which "tier" they will likely come from, depending on the complexity of the work to be done. NOTE: These costs are only really used when bidding. When it comes to scheduling, you can enter the real rates of the Artists you are using. However, these rates are used as a basis for the default costs when configuring artists services - see Artist Rates. NOTE: Depending on configuration, these fields may not be present, or replaced with the Cost column (see above).
	Tier 2
	Tier 3
Overhead		This field is used to store any additional overhead cost incurred for providing this service. When bidding, this will be added to the rate card Cost (or T1/T2/T3 costs) to result in a gross staff cost
Max Discount %		This is a guideline maximum discount percentage figure. Used when bidding, any service discounted above the recommended maximum will be highlighted (in the "Discount %" box). Note that this is simply a warning, and will not however prevent the quote from being advanced (e.g Confirmed).