Creating Item types or Billing rates

Modified on Tue, 2 Jul at 10:17 AM

An Item Type is used throughout Magnetic when adding a Line Item to a Cost Estimate, Tracking time or sending a Tax Invoice as examples.

Most of our clients create their Item Types as roles or the type of work being delivered. As an example, a Project Manager delivering work and you can add Project Management as an Item Type. If you have both Senior and Junior billing rates you must add both Senior Project Management and Junior Project Management as Item Types. Consider Item Types to be the foundation of your Rate Card that you for Estimation, Time tracking and Invoicing clients.

Follow these steps to create an item type or billing rate:

Hover your mouse over Finance
Click on Item Types.
Click on New Item Type.
Fill in the information (see detailed explanation of each input field in the bottom).
If you have multiple billing entities, you can specify specific codes for these under the "New billing entity specific codes
Save.
Alternatively, Item types can be imported via the Import Suite.

New Item Type:

Item Type Details:

The following options are available when adding Item Types:

External name: Use a different name visible to the client on your generated PDF's.

Order Code: Specify a custom order code to display your item type in reports and list views

Company Cost: The amount you are paying the resource per day or hour.

Billing Rate: The amount you're charging the resource out at. Note: the Billing Rate you apply to an Item Type is the default billing rate that Magnetic will use in case there's no specific Rate Card associated to a client.

Markup: For externally sourced products/services, set the markup you are adding in before selling.

Sales Code: Code used by Pastel/Xero to match the sale item types set up in your accounting platform

Cost of Sales Code: Code used by Pastel/Xero to match the sale item types set up in your accounting platform

Zero Rated Sales Code: Code used by Pastel to match the sale item types set up in your accounting platform

Zero Rated Cost of Sales Code: Code used by Pastel to match the sale item types set up in your accounting platform
Category: Indicate the category of the item type e.g Inventory (physical item), hours (hours used by resources), subscriptions or other.
Department: If this item type applies to any department in your company, select it from your available departments in the list.

Tax Type: Choose tax type from dropdown menu.

Billable by default: Tick the tick box if this must be the user's default billing rate.

To Edit or Archive an Item Type, select the Actions button: