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Administrator Guide
Last Updated: 2024-08-09
Create Contract Rate Sheets

Create Contract Rate Sheets

  • Create a customer contract with an approved billable project.
  • Configure the
    Contract Rate Sheet Event
     business process and security policy in the Customer Contracts and Project Billing functional areas.
  • Security:
    Process: Billing - Rate Sheet
     domain in the Customer Contracts and Project Billing functional areas.
Contract rate sheets enable you to set billing rates for billable projects. You can:
  • Apply a discount or premium to all resource rates using an adjustment percentage.
  • Apply the billing rate rules to the contract rates.
  • Populate values onto the contract rate sheet from the project billing rate sheet.
When you make changes to the contract rate sheet, Workday doesn't reflect the changes on your revenue recognition installments. To change your revenue recognition installments, access the
Schedule Revenue Installments for Billable Transactions
 task.
  1. Access the
    Create Contract Rate Sheet
     task.
    You can access the task from the
    Contract Rate Sheet
     prompt on the customer contract line. When you select a
    Billable Project
    , a
    Project Transaction Source
    , and a
    Line Type
     of
    Project Time and Expense
     on the customer contract line, Workday enables the
    Contract Rate Sheet
     prompt. When enabled, you can access an existing contract rate sheet or create a new contract rate sheet.
    When creating or editing a contract rate sheet, Workday displays only project billing rate sheets on which the company, customer, and worktags match those on the contract line. Users with shared project access can copy a contract rate sheet that uses a project billing rate sheet for a company they don't have access to, but they won't be able to view that project billing rate sheet.
  2. As you complete the task, consider:
    Option Description
    Effective Date
    The effective date can't be in the past if it's already associated with a billable transaction. The billable transaction date determines which contract rate sheet and billing rate rule set to use.
    Project Billing Rate Sheet
    (Optional) Select a project billing rate sheet to update the contract rates. Your selection controls the options available in the
    Rate Category Members
     prompt.
    Workday only displays the project billing rate sheets that match the company, customer, and worktags that you specify on the
    Create Project Billing Rate Sheet
     task.
    Is Daily Rate
    Select this check box and complete the
    Time Definition
     tab to convert the hours worked to days.
    Workday doesn't support using daily rates for ad hoc project transactions.
    Transaction Grouping
    Workday populates this field using the project billing rate sheet. You can select additional transaction groupings that you configured on the
    Maintain Daily Rate Transaction Groupings
     task.
    Rate Category Members
    Select from the rate dimensions defined on the project billing rate sheet.
    Adjustment Percentage
    Enter a positive or negative percentage to apply to all lines on the contract rate sheet.
    Mutually Exclusive Rules
    Select to apply only the first applicable billing rate rule for each billing rate rule type.
    Workday automatically enables this check box when you select the check box on the project billing rate sheet. You can clear the check box at any time.
    Revenue Adjustment Reason
    Select a reason to include when you create separate revenue installments for billable transactions with billing rate rule adjustments.
    Workday posts adjustments to the Revenue ledger account when you add
    Revenue Adjustment Reason
     as a dimension in your account posting rules.
  3. When you select a project billing rate sheet, click
    Update Contract Rates
     to populate the rates from the billing rate sheet for the project.
    Workday displays the billing rates that match the:
    • Effective date.
    • Project billing rate sheet.
    • Rate category members.
    When you don't have security access to the project billing rate sheet, Workday hides the
    Update Contract Rates
     button.
Workday applies the contract rates to the billable transactions associated with the customer contract line.