Rate cards (RC) offer a flexible way of applying multiple rates linked to project roles in project billing. A project may have any number of cards. Each card in turn can have any number of versions, all of which are listed on the card. A version applies to billable time entries entered between its effective date and that of the next version.
Each RC has versions in three categories:
- Current, and
These are versions of the card that have an effective date in the future, i.e. they will succeed the current version of the card at their respective effective dates.
NB: There can be any number of upcoming versions of the card.
The current version is defined as a version with the earliest effective date saved up to the current moment of time. In other words, of two versions with the same effective date the current will be the one saved closer to the present moment.
The current version's rates apply to all time entries made between the moment the version's effective date was saved and that of the next upcoming version.
NB: By definition, there can be only one current version of the card.
A past version is one with an effective date preceding that of the current version. As above, of two versions with the same effective date, the one saved earlier will be a past one. A past version's rates apply to time entries made between its effective date and that of a past version next in time, if any, or the current version.
RC Version Effective Dates & Periods
The chart below illustrates the relationship between a version's effective date and effective period: