Creating and Editing Labor Rates

Labor rates are essential for accurately billing time-based work in Prism. This article will guide you through creating new labor rates and editing existing ones to ensure proper charging for services across your properties.

What this article covers:

1. The importance of labor rates
2. How to create a new labor rate
3. How to edit an existing labor rate
4. Understanding labor rate settings
5. Best practices for managing labor rates

How Labor Rates Work:

Labor rates in Prism define the hourly cost for different types of work. They are used when adding labor charges to work orders, preventive maintenance tasks, and inspections. Labor rates can be set up with specific charge codes, markups, and tax settings.

• For information on setting up charge codes and materials, please refer to the "Creating and Editing Charge Codes" and "Add and Edit Materials" articles.

Understanding Labor Rate Settings:

• Markup: Can be a percentage or fixed amount added to the base rate
• Charge Code: Links the labor rate to specific accounting codes for proper allocation
• Taxable: Determines if tax should be applied by default
• Minimum Billable Time: Sets the smallest time increment that can be billed
• Property Application: Allows you to specify which properties can use this labor rate

Requirements:

• Appropriate permissions to create and edit labor rates

Creating a New Labor Rate:

1. Navigate to the Accounting module in Prism.
2. Select "Rates" from the menu.
3. Click the "+ Create Rate" button to create a new labor rate.
   
4. Make sure the Category "Labor" is chosen
   
5. Enter the following information:
   • Name: A clear, descriptive name for the labor rate
   • Currency: Select the appropriate currency
   • Hourly Rate: Enter the base hourly rate
   • Markup: Add a percentage or fixed amount markup if applicable
   • Charge Code: Select the appropriate charge code
   • Taxable: Toggle on if the labor should be taxed
   • Minimum Billable Time: Set the minimum time increment (15 min, 30 min, or 1 hour)
   • 
6. Select which properties the labor rate applies to
7. Click "Save" to create the new labor rate

Editing an Existing Labor Rate:

1. Navigate to the Accounting module in Prism.
2. Select "Rates" from the menu.
3. Locate the labor rate you wish to edit.
   
4. Click on the labor rate to open its details.
5. Make the necessary changes to any of the fields.
6. Click "Save" to update the labor rate.

FAQ / Troubleshooting:

• Q: What happens if I change a labor rate that's already been used in work orders?
  • A: Changing a labor rate will not retroactively affect past charges. It will only apply to new charges moving forward.
• Q: Can I have different markups for different properties using the same labor rate?
  • A: No, the markup is tied to the labor rate itself. If you need different markups, you'll need to create separate labor rates for each scenario.

Note: When setting up rates, remember to hit the "Save" button at the bottom of the page to ensure all changes are applied. Prism currently does not have an auto-save feature for these settings, so manually saving is crucial to preserve your changes.