Accurate Rounding for Reports and Invoices

In this release, we've focused on changing and improving the calculations of report and invoice values to make them more precise and accurate. You'll also find a new option in the workspace settings - Store data in minutes, which allows storing time entries in minutes, regardless of the selected format.

Rate and Time Calculation for Reports

In TMetric, billable time and costs in reports are calculated by multiplying the hourly rate by the time duration. Now, hourly rates are converted to a rate per second, and time durations are converted to seconds and rounded to 12 decimal places for precision.

This change will come into effect on January 1, 2025. Historical records will retain the rounding method used previously (to 4 decimal places).

In the reports, will see the value rounded to 2 decimal places, e.g., 50.00$.

Amount Calculation for Invoices

In TMetric, invoicing is based on time entries and hourly rates set for each project, team member, work type, and workspace settings (the time format option). The Amount is calculated by multiplying Quantity and Unit Price for each time entry, then summed.

In this release, we've enhanced the calculation and rounding in invoices. This ensures maximum accuracy and prevents the appearance of unnecessary cents in the final values (total amount and unit price).

Storing Data in Minutes

The Store data in minutes option determines how time data is recorded for reports and invoices. It helps prevent rounding problems associated with decimal hours, providing a simpler and more precise approach to calculating revenues and costs.

This option is available in the workspace settings, when decimal hours is selected for Time format in reports & invoices. It allows users to store time entries in minutes, regardless of the chosen format.

About TMetric

TMetric is a web-based time tracking application for both freelancers and large companies. Great control over project timelines and budgets, flexible rates that ensure payment, crystal clear profits, transparent team monitoring, and many integrations all within an easy-to-use interface. Calculation of what from time to time is included in certain projects, clients and tasks instantly.