What Are Rate Sheets in ToolWatch?
Learn what Rate Sheets are, how they work in ToolWatch, and how Job Cost and Billing charges are calculated for tools and materials.
ToolWatch Rate Sheets are used to calculate how tools, equipment, and materials are charged to a project for Job Costing or Billing. Each Rate Sheet is made up of rows (one per Model) and columns that define how costs are applied.
This article explains what Rate Sheets are, how they work, and the difference between Job Cost and Billing sheets.
What You'll Learn
In this article, you’ll learn:
What a Rate Sheet is
The difference between Job Cost and Billing
The types of Rate Sheets
Where Rate Sheets apply
Where to go next
1. What Is a Rate Sheet?
A Rate Sheet defines how charges are calculated when tools, equipment, or materials are assigned to a project. Each row represents a Model, and each column sets a rule, such as a daily rate, hourly rate, flat charge, or loss fee.
ToolWatch uses this information to generate accurate Job Cost and Billing transactions when items are transferred, assigned, or used in the field.
2. Job Cost vs. Billing
Each Rate Sheet has two separate tabs:
Tab | Purpose |
Job Cost | Tracks internal cost to the company when an item is used on a project |
Billing | Defines what is charged to internal departments or external customers for usage |
🔍 These tabs can be configured differently or identically, depending on how your organization recovers costs.
3. Types of Rate Sheets
There are two types of Rate Sheets:
Type | Description |
Tools & Equipment Rate Sheet | Used for time-based or usage-based charges. Supports Assignment, Calendar, and Hourly Usage methods |
Materials & Consumables Rate Sheet | Used for flat charges per assignment. Supports Assignment Method only |
✅ Each type has its own setup process and calculation rules.
4. Where Rate Sheets Are Used
Rate Sheets apply automatically when:
An item is transferred or assigned to a project
The item is tracked in the Equipment Usage Log
Charges are generated and posted for Job Cost or Billing
Rate Sheets are created and managed from the Job Cost & Billing module.
You can:
Create Rate Sheets that apply across the company
Create project-specific Rate Sheets
Set Rate Sheet Rules for rounding and calculation logic (T&E only)
5. Rate Sheet Header and Toolbar Options
The toolbar and header at the top of every Rate Sheet allow you to manage, edit, and apply settings:
Option | Description |
Save | Saves the Rate Sheet in progress |
Save & Close | Saves and exits the Rate Sheet |
Add Related Charge | Adds an additional row tied to a Unique Tool model |
Delete Related Charge | Removes a related charge row |
Export Data | Exports the Rate Sheet to a .csv file |
Publish to Excel | Exports to Excel for editing in bulk |
Import from Excel | Imports updated rate data from a saved Excel file |
Rate Sheet Number | A user-defined ID used to track the Rate Sheet |
Description | A title or description of the Rate Sheet |
Set Rate Sheet Rules | Opens rule settings for hour/day/week/month and rate migration (T&E only) |
Base Rate Recalculation Method | Choose to recalculate based on % or value when Base Value changes |
Job Cost / Billing toggle | Switch between configuring Job Cost or Billing rates |
🧠 The Set Rate Sheet Rules option only appears on Tools & Equipment Rate Sheets.
6. What Happens After You Set Up a Rate Sheet?
Once created, a Rate Sheet:
Automatically applies charges when items are used
Uses the selected Calculation Method per row (e.g., Assignment, Calendar, Hourly Usage)
References fields like Base Value, Daily Rate, and Cost Code
Can be exported, copied, or updated as needed
Tip: You can edit a Rate Sheet anytime, but changes only affect charges going forward.