Before starting a new project, it's good practice to make sure that Participants' Rates and Cost are set up correctly. Indeed, depending on the Projects' Budget Method, these can affect the calculations for its Forecast and Actual Revenue and Costs. For more information on how, please see Considerations on Projects' Budget Method.

That can be done on the Phase record(s) of the Project. Let's see how.

Note: This article covers rates and costs for Resource-based Participants. Contact-type Participants - Salesforce Contacts assigned directly as Participants without a Resource record - do not have rates or costs. The system automatically clears any cost or rate values on Contact Participant records on save. For more information on Contact Participants, see Customer Contacts as Project Participants.

How to Edit Participants' Rates & Costs

Navigate to each Phase record within your Project and look for the Phase's Participants. You can click on the dropdown arrow next to the Participants' names to edit them.

In the windows that opens up, you can scroll down to the 'Financial Information' section to define if Rates and Costs should be determined by the

• Resource (as set up for that specific Resource by Precursive Super Users in the Precursive HQ)
• Rate Card Role (as set up for that Resource's Role by Precursive Super Users in the Precursive HQ)
• If it's Fixed - in this case Cost and Rate for this Participant can be added manually

By default, Costs and Rates are set up to be taken from the particular Resource. This allows the use of the promotion feature that calculates costs based on the changes made in time in the Resources data table (Precursive HQ).

Note - you can check the Rate Card for the Participant's Role on the top right.

If you are using Precursive Multicurrency, then the options above will be limited to Rate Card Role and Fixed. That's because Participants' Costs&Rates need to be aligned with the Phase's Currency and the Resource may not have the same Currency as a project's phase.
 

How does a Promotion impact a Resource Hourly & Daily Costs for their Assigned Projects?

The Hourly & Daily Costs of the Resources assigned to work on a Projects determine its Planned and Actual Cost. What happens then if a Resource gets promoted and their salary increases while they are working on Projects?

When a Promotion is created on a Resource Record, you need to add Historical Hourly and Daily Cost to make sure historical data is not recalculated and then you can update the new Costs on the Resource Record.

In this way, historical data is not Impacted and the Costs of the Projects they are assigned to is automatically recalculated starting from their Promotion Date.

Related Resources

Considerations on Projects' Budget Method
Add Participants To Projects
Multiple Role Allocation
About Multicurrency