Mavenlink allows you to assign all your team members a Bill Rate and a Cost Rate. We use these rates to help you project your revenue and margins, as well as show you your actual project revenue. Cost Rates are the cost of paying for that personnel member. The Bill Rate is what you charge your client.
Mavenlink also offers multi-currency support, allowing foreign markets to plan and visualize project and resource cost rates in their local currencies.
Setting rate defaults ensures that tracked time gets an appropriate rate—simplifying the billing process.
Cost Rates for Account Members
For example, if your account's Default Currency is set to United States Dollar ($) dollars, you'll only see amounts in the Cost Rate column for members with a currency cost rate in US dollars. If one of your members has only Euro (€) set in their Cost Rate table, you won't see an amount reflected in the Cost Rate column.
This also applies to Pending members; you’ll only be able to see their Cost Rate if it matches their account’s Default Currency. You'll be able to click on the name of a Pending member and add/edit a single cost rate for that member.
Clicking on a person’s name from the Active Member list opens the member Details side panel, allowing you to access the Financial tab.
Here, you can set or edit the default currency Cost Rate(s), Bill Rate, and Billable Utilization Target for each of your team members
- Bill Rate—This is what you charge your client. The Bill Rate will always match your account's Currency Default, but you have the option to enable Rate Cards which allow you to set bill rates for multiple currencies based on role. When your account is Rate Card-enabled, the Bill Rate field will not appear in the member Details side panel.
- Billable Utilization Target—This is the percent of possible hours that are billable. This field automatically converts negative numbers to positive and does not allow percentages over
- Warn user when submitting fewer hours than weekly target—This option allows you to notify a member when they submit less hours than indicated by their schedule.
Cost Rate Table
Every member should have a cost rate that matches the account's Currency Default. However, the Cost Rate table allows you can set multiple cost rate currencies for each user.
When you change the member's cost rate, all projects using that currency cost rate will be updated; cost rates that have been overridden in the project's Rates & Roles will not be updated.
When viewing existing rows in the Cost Rate table:
- The Cost Rate column reflects the member's cost rate for the selected currency type.
- The Status column shows In Use when the member is participating in a project using this cost rate. The cost rate will appear In Use even if the member has logged no time entries or expenses; it will also appear In Use if the member's cost rate has been overridden in the project's Rates & Roles.
- The Date Added column shows the month, day, and year that the currency cost rate was added.
How to add a new currency cost rate to the table:
- Click the Add a currency cost rate (“
- Clicking in the Currency field of the new row gives you access to the currency drop-down menu. Start typing to auto-filter the list of currencies. After you select a currency, it will no longer appear as a selectable option in the drop-down menu.
- After providing the required Currency and Cost Rate information, click the Save button that appears in the Actions column.
Although Mavenlink supports multiple currency cost rates per account, you are only permitted to have one cost rate per valid currency type.
How to remove a currency cost rate from the table:
- Locate the currency you want to remove from the Cost Rate table.
- Click on the Delete (“
- You will be asked if you are sure you'd like to delete the cost rate; click No to cancel or Yes to accept.
- Removing a currency from the Cost Rate table will cause it to appear as an option again in the currency drop-down menu.
Exporting and Importing Cost Rates
- When exporting account members via CSV (comma-separated values), the number in the Cost Rate column will be pulled using the account's Default Currency.
- When importing new account members via CSV (comma-separated values), the number in the Cost Rate column is used to create a new cost rate based on the account's Default Currency. For example, if you import Angela at a cost rate of
$40, the currency type is imported as United States Dollar ($), which is the account’s Default Currency setting.
- Only one cost rate can be imported at a time.