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.
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