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Recalculate the rate of hours not yet invoiced
Recalculate the rate of hours not yet invoiced

How to recalculate hours spent but not yet invoiced

Claudette Albers-Reid avatar
Written by Claudette Albers-Reid
Updated over a week ago

Updated 29th December 2023

For any project, there can be instances when after partial invoicing, that the resource selling rate or cost rate changes or a mistake has been made. In PSOhub, there is the option to recalculate the costs of resources planned in the project at once.

In the example below, you will see that we have one contract line called Consultancy hours and some hours have been invoiced based on the hourly rates of the project team members:

For this example project, you will see below, the current Selling rate of $ 250,00 for hours booked. The second entry has been invoiced, which is reflected in the amount invoiced above:

Now, imagine that half-way in the project, a mistake was made with the Selling and/or Cost rate or the rates have increased.

Return to your project and click on the Teams tab. Here, we will decrease the Selling rate and Cost rate for the Project Manager. The Selling rate will be decreased from
โ€‹$ 250,00 to $ 225,00 and the Cost rate to $ 135,00:

Click Save to return to the Teams tab and see the updated rates:

Click the Contract tab. Then, click the ellipsis button and Recalculate:

The Confirmation dialog below will appear. Click Proceed.

The following Information dialog box will appear:

Click OK and refresh the browser. If the values in the contract line have not updated, please refresh the browser.

The Consultancy hours contract line's Amount and Used columns have now been recalculated with the new Selling rate from $ 4,500 to $ 4,300:

The updated Cost rate is visible in the project's hours overview; from $ 1,200 to $ 1,080:

Note: Please give the system time to recalculate the hours when working on bulk entries.

For further information on team roles and rates, please refer to the following articles:

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