Set budget assumptions

A firm may elect to establish Budgets for Timekeepers. Setting budget assumptions will cause certain timekeeper budget information to be automatically populated when a new timekeeper is added, or when a timekeeper is re-activated.

To establish budget assumptions:

Select Tables > Timekeepers.
Select Tools > Set Budget Assumptions from the menu.

The Budget Assumptions window opens.
Select or type the appropriate information in the following text boxes:
- Holiday schedule to use in calculating hours worked. - You can select any schedule from a list of available Holiday Schedules. This option tells the system to take holiday hours into consideration for a timekeeper's budget.
- Target budget hours per work day. - This is the expected number of work hours per working day.
- Percent of standard rate for target rate. - This option lets the firm to establish a percent of the standard rate as the targeted rate, to allow for expected markups and markdowns that affect the actual rate.
- Months lapsed between working and billing fees. - This tells the system to take into consideration the number of months that generally lapse between when time is worked and when time is billed.
- Months lapsed between billing and collecting fees. - This tells the system to take into consideration the number of months that generally lapse between when time is billed and when fees are collected.
- Percent of worked fees which are billed. - This percentage allows the firm to estimate the percentage of worked hours that are actually billed.
- Percent of billed fees which are collected. - This percentage allows the firm to estimate the percentage of billed fees that are actually collected.
- Set ALL Timekeeper budgets based on these assumptions when 'Save' is pressed. - This option automatically sets all budgets based on the assumption values entered here, and automatically recalculates all timekeepers budgets using the assumption values, overwriting their existing settings, when 'Save' is selected.