A Tools & Equipment Rate Sheet in ToolWatch defines how tool and equipment usage is charged for Job Cost and Billing. This type of Rate Sheet supports multiple calculation methods—including one-time charges, time-multiplier calendar billing, fixed-tier flat rates, and actual hourly usage—along with advanced features like rate migration, minimum/maximum charges, and usage tracking.
Follow the steps below to create, configure, and activate your Rate Sheet.
What You'll Learn
How to create a new Tools & Equipment Rate Sheet
How to configure global Rate Sheet Rules and migration thresholds
The available Calculation Methods (Assignment, Calendar, Calendar Flat Rate, and Hourly Usage)
How to complete required rate fields for each calculation method
Optional billing controls and column display settings
1. Create the Rate Sheet
In the Navigator panel, expand Job Cost & Billing.
Click Rate Sheets.
Click + Add Tools & Equipment Rate Sheet.
This opens the Rate Sheet Rules window with default configuration settings.Accept the default values or update the fields in the Rate Sheet Rules window:
Hours in a Day / Week / Month: Defines how ToolWatch converts hours into time blocks (e.g., 8 / 40 / 160).
Migrate to Daily / Weekly / Monthly Rate at: Establishes the hour thresholds that trigger promotion to higher rate tiers.
Note: Rate Sheet Rules and migration thresholds apply globally across the entire rate sheet. They govern rate transitions for both traditional time-multiplier Calendar methods and the Calendar Flat Rate method.
Click Save.
Enter a unique Rate Sheet Number (can include letters, numbers, or symbols).
Add a Description with a title and brief summary for internal reference.
Click Save.
2. Configure Each Tool Row
Each horizontal row on the rate sheet represents a Model Record (tool). For each tool row you want to configure:
Locate the Model Record row for the equipment item to be charged.
In the Base Value column, confirm or enter the tool’s reference value (enter numeric values only—do not include $ or ,).
In the Calculation Method column, select one of the following methods from the dropdown menu:
Assignment – A one-time flat charge applied each time the item is assigned, regardless of duration.
Calendar (Days, Hours, Minutes) – Time-multiplier billing calculated continuously based on elapsed assignment duration.
Calendar Flat Rate – Fixed dollar pricing for daily, weekly, and monthly tiers applied when usage crosses global migration thresholds.
Hourly Usage – Charges calculated only when actual operating hours are recorded in the Equipment Usage Log.
Complete Required Fields based on your selected method:
Assignment: Enter either Initial Charge % (of Base Value) or a flat Initial Charge amount.
Calendar (Time-Multiplier): Enter values for Daily Rate, Weekly Rate, and Monthly Rate (and Hourly Usage Rate if using Minutes or Hours).
Calendar Flat Rate: Enter exact, fixed dollar amounts in the Daily Rate, Weekly Rate, and Monthly Rate columns.
Hourly Usage: Enter the Hourly Usage Rate % or Hourly Usage Rate per operating hour.
Switch between the Job Cost and Billing radio buttons at the top of the grid to configure internal cost recovery and external customer rates independently.
3. Optional Billing Controls & Next Steps
Add Optional Charges & Limits: Configure optional groupings such as Idle Rate (for Hourly Usage), Maintenance Rate, Return Credit, Minimum Charge, Maximum Item/Job Charge, or Loss Charge.
Customize Display Columns: Click the gear icon (⚙️) in the lower-right corner of the rate sheet to select which columns are visible and adjust their order.
Add Related Charges: For unique tools requiring extra service fees (like delivery or cleaning), click + Add Related Charge on the toolbar to add a dependent assignment row.
Save Changes: Click Save or Save and Close at the top of the screen to finalize your rate sheet.