Overview
The Track Hour Adjustments feature lets you track hour adjustments in order to understand billing realization. Realization is fees billed (collected) divided by the standard value of the time worked. Time value is the product of hours worked and hourly rates.
Setup
To turn the Track Hour Adjustments feature on, check Track Hour Adjustments on the Company Preferences window's General tab.
Tracking Hours
When the Track Hour Adjustments feature is turned on, Billable Hours and Actual Hours fields appear in the Duration section on the Add/Edit Time Tickets window. The Billable Hours value is the number of hours that the firm will bill the client. The Actual Hours value is the number of hours actually worked and is used to calculate the realization. The Actual Hours value defaults from the Billable Hours value, but users can modify the value to store the actual hours that were worked if this amount is different from what will be billed.
Realization Report
When the Track Hour Adjustments feature is turned on, two realization reports, Realization Report and Realization Report Summaries, are available in Productivity Reports.
