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Contract financials and variations

The Financials tab on a contract shows rate, billing and projection information for the placement.

Use this tab to review how the contract is expected to affect timesheets, expenses, invoices, bills and payroll.

Open contract financials​

  1. Open Contracts.
  2. Open the contract record.
  3. Select Financials.

Financial sections​

The Financials tab can include:

  • Rate
  • Contract Variations
  • Assigned Rules
  • Break Policy
  • Invoice and Billing
  • Projections

Before finalising a contract​

Before a contract is finalised for payroll, check the contract details and financial setup carefully. In the payroll workflow, finalising a contract can generate timesheets, prepare candidate portal timesheets where digital timesheets are enabled, and create or link the relevant Xero customer or supplier records.

Confirm at minimum:

  • the booking contact
  • the timesheet approver
  • the contract schedule and expected working pattern
  • the payment type
  • the rate card or custom rate
  • assigned rules and break policy
  • invoice and billing details
  • planned expenses
  • candidate and client financial setup
  • payroll authorisation or approval requirements

Where your workspace shows a finalised marker, use it as an indication that the contract has passed the required finalisation step for downstream payroll processing.

If the contract will use candidate digital timesheets, confirm the schedule before finalisation. The schedule is used to prepare timesheets for the candidate, and missing shifts can lead to missing or incomplete timesheet drafts.

Rate information​

Rate fields can include:

  • Pay Unit
  • Original Charge Rate
  • Amended Rate
  • Rate Card
  • Division
  • Grade
  • Speciality
  • Sub-speciality
  • Direct Engagement
  • Payment Type
  • Payroll Tax State
  • Workers Compensation
  • Super
  • Base Rate
  • Pay Rate
  • Margin
  • Markup
  • Charge
  • Payroll Tax
  • Total Cost
  • GST
  • Total Charge

Rate information on the contract is the financial source of truth for the placement once it has moved beyond vacancy and shortlist negotiation. If recruiters used a custom rate for a specific candidate, confirm that the agreed base rate, pay rate, charge rate, margin and payment type are reflected here.

Direct engagement should be checked carefully. In direct engagement scenarios, the client may pay the worker directly and RecSphere may only need to produce the client invoice rather than a payslip, depending on your configured payroll process.

Rate cards can be assigned through vacancy, shortlist and contract workflow. Depending on permissions, users may be able to view the rate card while selected fields remain locked. If rates are locked, update only the editable fields allowed by your workflow or ask payroll to review the rate setup.

Create a variation​

Use Create Variation when a contract's rate or financial setup needs to change from a point in time.

The variation flow can include:

  • selecting an effective timesheet
  • reviewing or updating rate fields
  • saving the variation
Variations can affect downstream financial records

Changing contract financials can affect timesheets, invoices, bills, payroll and margin reporting. Confirm the effective date and rates before saving a variation.

If the variation applies to already-created or backdated timesheets, check how your agency wants the change treated before saving. The effective timesheet/date decision can affect payroll, invoicing and margin reporting.

Invoice and billing​

Invoice and billing fields can include:

  • FAO
  • Invoice To
  • Invoicing Address
  • Invoice Email
  • PO Required
  • Invoice Frequency
  • Invoice Cycle Start

These values should align with the client Financials tab. If the invoice recipient, address, PO rule or invoice frequency differs from the parent client or usual client setup, confirm the contract-specific values before finalisation.

Projections​

Projection fields can include:

  • Original Hours
  • Original Value
  • Original Margin
  • Updated Hours
  • Updated Value
  • Updated Margin
  • Actual Hours
  • Actual Value
  • Actual Margin

Use projections to compare expected and actual contract performance.

  • Contracts Overview
  • Contract Expenses and Timesheets
  • Payroll Overview
  • Financials Overview
  • Candidate Portal