Setting up Rate cards

Created by Monica Madan, Modified on Fri, 5 Apr at 2:56 PM by Monica Madan

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An effective way to charge customers for your team's work on their projects is using Rate cards for time and material projects. This approach involves creating rate cards, which details the hourly billing rates of the team members who will be working on customer projects. By utilizing rate cards, you can avoid discrepancies in the billing process when invoicing customers.

The rate card contains the bill rates for specific project roles like designer, engineer, etc. You can create multiple rate cards, for your different service offerings or products.

Using Rocketlane's Rate cards along with the time tracking feature, you can estimate the charges your customers should pay for the time your team spends on their projects. This is essential to ensure that your revenue is accurately tracked.

In this article

Components of a rate card and what they mean:

NameName your rate card to suit its purpose (example: Enterprise rate card)
VersionsIf you wish to revise your rate cards owing to your business growth, you can create new versions of existing rate cards and set an effective date.  
RolesAssigned roles of your team members
RatesStandard hourly rates to bill customers for the role
Default Rate

If the bill rate is missing for a specific role in a project, the system uses the Default rate for that role

Effective dateThe date at which a version of the rate card becomes available

Rate card Versions

Active VersionThe rate card presently active and available to be used in new projects
Upcoming VersionThe upcoming version of the rate card that will take effect based on the set effective date
Past VersionThese are previous versions of the rate card that cannot be used in new projects
Add Currency

Creating Rate cards

To enable rate cards for your projects, 

  • Navigate to your profile icon, click on settings

  • Under Operations and Finances, select Rate Cards

  • Click on New card+

  • Name your card and select the effective date from when the rate card takes effect.

  • Select the currencies you want to use in projects that utilize this rate card.

  • Start adding roles to the rate card and set the bill rates ($/hour)

  • Toggle the Rate card to use it in your projects.

Note: You cannot add currency to an active version of the rate card

Creating new versions of rate cards

If you need to update your pricing due to the growth of your business, you can make new versions of your existing rate cards and choose an effective date. The upcoming version of the rate cards will be applied for projects created on or after the effective date. It's important to note that only one version of the rate card can be active at any given time and will be used while creating new projects.

Note 1: You cannot make changes to the past and active versions of the rate card. However, you can make changes to the upcoming version of the rate cards, until it becomes active.
Note 2: Once a new version of the rate cards becomes active, any projects using the past version will continue to use that version, unless changed explicitly. 

To create a new version of the rate card,

  • Click and open an existing rate card

  • Click on next to Versions 

  • Set the Effective Date as the date from which the version of rate card should apply to new projects

  • Start modifying the rates under Bill rates ($/hour) for all the roles or specific ones.

  • Once done, click Create

Disabling a rate card

If you wish to disable any of your rate cards that are outdated and not in use anymore,

  • Navigate to your profile icon, click on settings

  • Under Operations and Finances, select Rate Cards

  • Here, you will see the list of rate cards and toggle button next to each rate card

  • Toggle off the rate card that you wish to disable.

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