When you Add / Edit Users in the PK4 TimeTracker, you will see two fields called Hourly Loaded Cost and Hourly Billing Rate in the Billing details section of the User Record. Check the screen below:
Hourly Loaded Cost and Fully Loaded Cost
The Hourly Loaded Cost is the cost that an Employee costs the Company per hour. Please set this up as an Hourly Cost. So if you have the employee's monthly cost to the company, divide it by the average number of hours that your employees work per month to arrive at an Hourly Loaded Cost. Make sure that you include payroll, benefits and all other costs that you incur for the employee to calculate the Hourly Loaded Cost. Assume that the total cost per month for Employee X is $ 4978 and that on average, your employees work 176 hours per month. Then the Hourly Loaded Cost (per hour) is 4978 / 176 or $ 28.28. The Time Tracker calculates the Fully Loaded Cost for the employee automatically. The Hourly Loaded Cost is multiplied by the Hours Worked by the employee to calculate the Fully Loaded Cost.
You can use this cost to calculate how much the hours that your employees put in actually costs the company. The Time Tracker multiplies the Hours Worked by each employee into their Hourly Loaded Cost and updates that on the Fully Loaded Cost field on the Project. If multiple employees work on a specific Project, each of their Hours Worked is rolled up to the Hours Worked field on the Project. Each of their Fully Loaded Cost is rolled up to the Fully Loaded Cost field on the Project. This number is what your company is spending per project, based on Employee Costs. You can see the Hours Worked, Fully Loaded Cost fields in the Additional info section of the Project. See the screen below.
Hourly Billing Rate and Billable Amount
The Hourly Billing Rate is the rate that you charge customers for the Employee's time. Please put in the Employee's Hourly Billing Rate into the Hourly Billing Rate field in the User record. The number of hours worked by the Employee is multiplied by the Hourly Billing Rate to arrive at the Billing Amount on the User record.
The Time Tracker automatically rolls up the Billing Amount to the associated Project record. This is the cost that you would bill to your customer. If multiple employees work on a specific Project, then each of their times and Billable Amounts are rolled up to the Project.
When does the Fully Loaded Cost and Billable Amount get updated?
Every time an employee Checks in/Out of a specific Project, the Hours Worked from the Timesheet Detail record get rolled up to the Project. At the same time, the Fully Loaded Cost and the Billable Amount fields on the User record and on the Project record are also updated. So, if you change the Hourly Billing Rate for an employee, from that point on all calculations for the Billable Amount will be made with the new Hourly Billing Rate. Similarly, if you change the Hourly Loaded Cost for an employee, all future calculations for the Fully Loaded Cost are made at this new rate.