Clockify can apply different hourly rates to your billable time entries and show how much money you earn in reports.
Clockify multiplies each billable time entry with their corresponding hourly rate and that number is shown as earning in a report.
In order for Clockify to calculate hourly rates, you first have to mark time entries as billable in the Time Tracker (or in the Detailed report) by clicking on the $ sign.
Types of hourly rates #
There are 4 types of hourly rates in Clockify:
- Workspace rate, which you define in Workspace settings; it gets applied to all billable time rates unless it gets overridden by a more specific billable rate
- Member rate, which you define on Team page for each user
- Project rate, which you define for each project
- Projects' member rate, which you define in projects' Access tab
In addition to billable rates, you can also have one more set of rates for labor cost.
Project's member rate > Project rate > Member rate > Workspace rate
Which billable rate gets applied #
A more specific billable rate overrides a less specific one: "Project's member rate" overrides "Project rate" overrides "Member rate" overrides "Workspace rate".
For example, let's say you're a freelancer and you have a default rate you charge on all projects. You define that rate as your workspace billable rate. Then, you also have a client to whom you charge a different rate. In that case, you can create a project, assign it to the client, and set the desired hourly rate for that project.
To set different pricing per client at project level:
- Create different projects
- Assign them to respective clients,
- Go to Projects and click the project name (which will bring you to Project edit page)
- Set the desired billable rate for each project.
You can't assign a custom billable rate for a specific time entry. But, you can use a tag to indicate a special billable rate so you know how much to charge when preparing an invoice.
Setting custom currency #
To change currency, go to Workspace settings and type your currency instead of USD.
Currency can only be edited by the workspace administrator and it's applied to the whole account (including billable rates).
Who can see hourly rates #
Only workspace admin can set hourly rates for workspace, user, and project.
Project managers can set hourly rates for people on their projects.
Regular members can't see or edit any hourly rates.
For more info, check out the Who can do what article.
Project billability #
You can change whether time entries on a project are billable or non-billable by default.
You can set project's default billability status of time entries by clicking on the $ sign (it's between visibility and billable rate) on the "Edit project" page.
If you set the project as billable, when someone tracks time and doesn't specify billability, the time entry will be marked as billable (which you can edit later).
It's possible to change the billable status the same way you set it, in the Project Settings tab. Once the project's billable status is changed e.g. from billable to non-billable this will not affect previously created time entries. Their status will remain the same as it was when it was created. However, all new time entries linked to that project will automatically be set to the new status, in this case, non-billable.
Historic rates #
When you change some hourly rate, that new rate will be applied only to new time entries you create from that moment on.
For example, if a team member's rate is $20, and you change it to $40, all their existing time entries will still have the original $20 rate. But, if they create a new time entry (no matter for which date), that new entry will have the new $40 rate.
You can see each entry's hourly rate when you hover over the amount in the Detailed report (as well as in CSV/Excel export).
Applying new rates to existing time entries #
Time entries pick up the latest rate each time you update project, user, or billable status of a time entry.
To overwrite previous hourly rate:
- Make the new rate apply retroactively to existing entries from the screen where you change the rate (Enterprise feature)
- Manually update time entries:
- Go to Time Tracker or Detailed report
- Click on the billable icon to mark entry as non-billalbe
- Click again to mark it as billable (this will reset their rate to the latest one).
- You can manually update entries individually, or do it via bulk edit
To prevent losing a historic rate, you can lock timesheets so regular users can no longer edit their old time or add time to the past. To prevent admins from making changes, you’ll need to approve time.