To set up a day rate for your BillQuick Online company:
1. Click Lists on the navigation bar and then click the Activity screen.
2. Click New to create a new activity code.
3. In the first field, enter a unique Code, Sub and Description. This will make it easy for a timekeeper to identify the day-rate activity code in a list.
4. In the Minimum Hours field, enter 8 (this day rate is based on a standard 8-hour day).
5. Move to the Bill Rate field. Calculate this rate by dividing the negotiated day rate by Minimum Hours. For example, if the day rate is $1,200, then the Bill Rate is $150 per hour (1,200 / 8 = 150).
6. Mark the Billable checkbox.
7. When you are done, click Save and then Close to exit.
When a timekeeper selects the above (day-rate) activity while recording time entries, BillQuick Online carries its Minimum Hours and Bill Rate to the time record. It adjusts the B-Hours to the Minimum Hours and applies the activity’s Bill Rate to calculate the Bill Amount. The timekeeper enters his A-Hours (actual hours), which calculates the cost of the activity and then saves the time entry.
For more information, check the BillQuick Online Help.