When updating rates, you should not just edit the existing rate, as it will affect existing payments that were calculated using the previous factor. Instead, you will create a new rate formula with the desired effective date, which will supersede the old formula on that date. This also gives you a historical record of what your rates have been since beginning FlightSpan™ use.
From the Home page click on the Rates icon, or from any page select Rates from the Settings menu.
![](https://docs.flightspan.com/content/uploads/2024/01/Rate-Open-1024x542.png)
Rates
From the Rate Settings menu select Rate List, then click on the Code for the desired Rate.
![](https://docs.flightspan.com/content/uploads/2024/01/Rates-open-rate-1024x321.png)
From the bottom of the Rate Formulas list, click the green plus button.
![](https://docs.flightspan.com/content/uploads/2024/01/Rates-green-plus-1.png)
Select the desired Effective Date, enter the Factor (be sure to enter a zero before any decimal) and switch the desired factors to Yes, then save.
![](https://docs.flightspan.com/content/uploads/2024/01/Rates-new-formula.png)
You will get a warning for any missing formulas.
![](https://docs.flightspan.com/content/uploads/2024/01/Rates-missing-formula.png)
Repeat the process for any additional formulas needed. The formulas must all have the same Effective Date.
![](https://docs.flightspan.com/content/uploads/2024/01/Rates-new-formulas.png)
Note: Once the new rate has been used in a Payment, the formula can no longer be deleted.
Video Version
![](https://docs.flightspan.com/content/uploads/2024/07/Intro-Screen-Financial-Management-4-Updating-Rates-1024x576.png)