Monument

Setting Up Staff Rates

How to create and assign cost and billing rates for your team members.

Overview

Before Monument can calculate project costs and revenue, you need to set up rates for your team. This guide walks through creating cost and billing rates for individual resources.

Setting Rates on a Resource

  1. Navigate to Resources in the sidebar.
  2. Click a resource to open their profile.
  3. Go to the Rates section.
  4. Click Add Rate (or edit an existing rate).
  5. Set the following:
    • Rate type โ€” Cost Rate or Billing Rate
    • Amount โ€” the hourly rate (e.g. $85.00)
    • Effective from โ€” the date this rate takes effect
  6. Click Save.

Updating a Rate

When a team member's rate changes (e.g. an annual review):

  1. Open their resource profile.
  2. Go to the Rates section.
  3. Click Add Rate to create a new rate entry.
  4. Set the new amount and the effective date (when the change takes effect).
  5. Click Save.

The previous rate is preserved in the version history. Monument automatically uses the correct rate for each time period โ€” past allocations and time entries use the old rate, and new ones use the updated rate.

Bulk Rate Setup

For new organisations with many team members:

  1. Go to Resources and select multiple resources.
  2. Use the bulk edit option to set the same rate for all selected.
  3. This is useful when your firm has standard rates by role level.

Verifying Rates

After setting rates, verify they're correct by:

  1. Opening a resource's profile and checking the Current Rates display.
  2. Creating a test allocation on the schedule โ€” the financial preview should show the correct cost and revenue based on the rates.

What's Next