Calculating Rates and Time for Reports

To ensure accurate results and avoid approximations during calculations, rates and time entry durations are converted into seconds and rounded to 12 decimal places for precise computation.

Note: This change takes effect on January 1, 2025. Historical records will retain the previous rounding method (to 4 decimal places).

Now, let’s explore a real case to understand how this works.

For example, a user works on a task for 50 minutes with a rate of 60$/hour. Here’s a step-by-step explanation:

1. Convert the Hourly Rate to a Per-Second Rate

• Divide the hourly rate by the number of seconds in an hour (3600 seconds) to calculate the per-second rate. Precision to 12 decimal places is maintained for accuracy.

• In our case:
  Hourly rate = 60$/hour
  Rate per second = 60/3600=0.01666666666667$/s

2. Convert the Duration to Seconds

• Multiply the duration in minutes (billable time) by 60 to calculate the total duration in seconds.

• In our case:
  50 minutes × 60 = 3000 seconds

3. Calculate the Billable Amount

• Multiply the per-second rate by the total duration in seconds.

• In our case:
  3000s × 0.01666666666667$/s = 50.00000000001$.

• Round the result to two decimal places to match currency standards:
  50.00$

You will see this value (rounded to 2 decimal places) as 50.00$ in the reports.