Fixed Amount Time Records
October 26, 2011
A recently added feature of Time59 is Fixed Amount time records. This post will explain how they work and how to use them.
A standard Time59 time record has a project (which supplies the billing rate) and hours. The billable amount of the time record is determined by multiplying the billing rate times the hours.
When that time record appears on an invoice the hours, billing rate and extended amount will be displayed. (NOTE: Not ALL Time59 invoice formats display all of these columns but the most frequently used ones do.)
Now suppose you want to keep track of the project and hours spent on some client work but instead of billing the client hours X billing rate you want to charge a specific dollar amount. The Fixed Amount time record feature makes this extremely easy.
After enabling the Fixed Amount option for your Time59 account*, an additional field will be displayed on the time entry form. It is labeled (suprise!) Fixed Amount. Whatever dollar amount you enter here will override the normal hours X billing rate calculation.
The nice thing about this is that you can bill the client exactly what you want, but can still have a record of the actual time you spent.
On invoices, a Fixed Amount record will not display anything in the hours and billing rate columns. The extended amount column will display the fixed amount you specified on the time record.
*To enable the Fixed Amount time record feature for your Time59 account just go to the User Preferences form and set "Allow Fixed Amount Time?" to Yes.
If you have any questions don't hesitate to contact us at support@time59.com.
Fixed Amount Time Records Question and Answers
-
What is a Fixed Amount time record in Time59?
A Fixed Amount time record allows you to bill a client a specific dollar amount instead of calculating the billable amount based on hours worked multiplied by the billing rate.
-
How does a standard Time59 time record work?
A standard time record in Time59 involves selecting a project (which determines the billing rate) and entering the hours worked. The billable amount is calculated by multiplying the billing rate by the hours worked.
-
Why would I use a Fixed Amount time record instead of a standard time record?
You might use a Fixed Amount time record if you want to charge a client a specific dollar amount regardless of the actual hours worked and the billing rate. This allows you to have a record of the actual time spent while billing the client a predetermined amount.
-
How can I enable the Fixed Amount time record feature in my Time59 account?
To enable the Fixed Amount feature, go to the User Preferences form in your Time59 account and set the option "Allow Fixed Amount Time?" to Yes.
-
What happens on the invoice when using a Fixed Amount time record?
On invoices, a Fixed Amount time record will not display entries in the hours and billing rate columns. Instead, the extended amount column will display the fixed amount specified in the time record.
-
Can I still track the hours spent on a project when using a Fixed Amount time record?
Yes, you can still keep a record of the actual time spent on a project while billing the client a fixed amount.
-
Where can I find more help or support regarding Fixed Amount time records?
If you have any questions or need further assistance, you can contact Time59 support at support@time59.com.
-
What if the invoice format I use doesn't display all the columns?
Not all Time59 invoice formats display all the columns (hours, billing rate, extended amount), but the most frequently used ones do. You can choose an invoice format that suits your needs.
-
Can I try Time59 before purchasing?
Yes, Time59 offers a free trial for new users. You can sign up for it through the Time59 website.
-
Where can I find more information about Time59's features and pricing?
You can find more information about Time59's features, pricing, and other details on their official website under sections like Tour, Features, Pricing, and more.