Overview
ToolWatch offers three distinct methods for calculating Job Cost and Billing Charges for your tools and equipment. Each method calculates based on the Required Rate Groupings and any Optional Rate Groupings applied by the user.
Once a calculation method is determined and selected:
The value for the Calculation Method will always be populated and can no longer display an empty value.
The calculation method can be changed to another method but cannot be removed.
The Base Value will no longer dynamically update to changes made in the Catalog record and can only be altered manually within the rate sheet.
Comparison of Calculation Methods
Method | Best For... | Charge Trigger |
Assignment | Unique or Quantity tools and equipment requiring a one-time fee. | A single fixed charge applied once an item is assigned, regardless of duration. |
Calendar | Items where charges are based on the length of time they are assigned. | Continuous charges from the Assigned On date until the item is transferred or retired. |
Hourly Usage | Large equipment and fleet vehicles. | Charges applied only when actual hours used are recorded in the Equipment Usage Log. |
Assignment Method
The Assignment method applies an initial fixed charge once an item is assigned.
This is a one-time charge.
The charge triggers when an item is assigned, regardless of the assignment's duration.
Calendar Method
The Calendar method applies charges based on the length of time an item is assigned. It creates an "open" billing stream starting at the Assigned On date/time and a "closed" billing stream when the item is reassigned.
Charges will continue to accrue until one of the following occurs:
The item is transferred back to stock.
The item is transferred to another location.
The item is transferred to an employee.
The item is transferred to the same location it is currently assigned (circular transfer).
The item is retired.
The system calculates total charges by deducting all non-work days and hours established on Company and Project Calendars. You can choose between three levels of calculation:
Calendar (Days): Rounds charges up to an entire day based on the Hours in a Day rule on the rate sheet and billable days on calendars. For example, if the rule is 8 hours and an item is assigned for 3 billable hours, it rounds to 8 billable hours (one day).
Calendar (Hours): Rounds charges up to the full hour based on billable days and hours in calendars. For example, an item assigned for 1 full billable day (8 hours) and 3 billable hours results in 11 total billable hours.
Calendar (Minutes): Rounds charges by the minute down to the last billable minute. For example, an item assigned for 4 billable days, 6 billable hours, and 45 minutes results in 38.75 billable hours.
Hourly Usage Method
The Hourly Usage method applies charges only when actual hours used have been recorded in the Equipment Usage Log.
This method is typically used for large equipment and fleet vehicles where an operator reports actual usage.
It ensures charges are applied only when an item is in use.
You can optionally apply an Idle charge per hour when the equipment is not in use.