Contract Rate Card is a Commission Type for contract jobs. It bills an hourly pay rate with a markup, and calculates a burden rate and commission from the template you choose.
Set up your rates once, and every contract placement starts from them. Complete the placement by entering the Pay Rate and Start Date. Loxo calculates the Bill Rate and commission and creates invoice drafts, so contract billing is calculated in Loxo rather than in a third-party integration.
Turn on Contract Rate Card
Admins & Finance users can see everything on the Job Types page, allowing them to enable the Contract Rate Card setting.
Go to Settings > Types > Job.
With at least one Job Type having Commission Type set to Contract Rate Card, the Contract Rate Card section appears.
Enable Contract Rate Card section below Contingency Fee.
Note: if you have a Job Type set to Contract Rate Card, but this feature is disabled, you will notice a warning recommending it be re-enabled.
Choose a template
Three built-in templates are built for you:
You can turn any template off, set your default, or create a custom template. The names and markups of these three built-in templates cannot be changed.
Create a custom template
A custom template needs a name, a Markup %, and a Burden Rate. The Burden Rate cannot be higher than the Markup %. Markup % must be below 1,000%.
Set pay periods
Choose from these pay periods:
Weekly and Bi-weekly start on a weekday you choose.
Semi-monthly is fixed to the 1st and 16th.
Monthly starts on the 1st or on a custom day from the 2nd to the 28th.
Daily has no start field.
Add a Contract Rate Card to a Placement
On the placement, enter the Pay Rate and Start Date. The Bill Rate and commission are calculated, and invoice drafts are created. For all the placement fields, see Fill Out a Placement Card.
Track A Contract
Manage Job shows Expected, Earned, Invoiced, and Paid. If the contract has no end date, Expected reads No End Date, and the draft invoice keeps recurring until you enter an end date.