diff --git a/app/models/rate.rb b/app/models/rate.rb
index 160109c..9978e22 100644
--- a/app/models/rate.rb
+++ b/app/models/rate.rb
@@ -70,7 +70,7 @@ class Rate < ActiveRecord::Base
     return rate.amount
   end
 
-  def self.update_all_time_entires_with_missing_cost
+  def self.update_all_time_entries_with_missing_cost
     Lockfile('update_cost_cache', :retries => 0) do
       TimeEntry.all(:conditions => {:cost => nil}).each do |time_entry|
         begin
diff --git a/lib/tasks/cache.rake b/lib/tasks/cache.rake
index 76365bd..e60cf15 100644
--- a/lib/tasks/cache.rake
+++ b/lib/tasks/cache.rake
@@ -2,7 +2,7 @@ namespace :rate_plugin do
   namespace :cache do
     desc "Update Time Entry cost caches"
     task :update_cost_cache => :environment do
-      Rate.update_all_time_entires_with_missing_cost
+      Rate.update_all_time_entries_with_missing_cost
     end
   end
 end
diff --git a/test/unit/rate_test.rb b/test/unit/rate_test.rb
index 0223b00..e2267e4 100644
--- a/test/unit/rate_test.rb
+++ b/test/unit/rate_test.rb
@@ -269,5 +269,29 @@ class RateTest < ActiveSupport::TestCase
     end
 
   end
-  
+
+  context "#update_all_time_entries_with_missing_cost" do
+    setup do
+      @user = User.generate!
+      @project = Project.generate!
+      @date = Date.today.to_s
+      @rate = Rate.generate!(:user => @user, :project => @project, :date_in_effect => @date, :amount => 200.0)
+      @time_entry1 = TimeEntry.generate!({:user => @user, :project => @project, :spent_on => @date, :hours => 10.0, :activity => TimeEntryActivity.generate!})
+      @time_entry2 = TimeEntry.generate!({:user => @user, :project => @project, :spent_on => @date, :hours => 20.0, :activity => TimeEntryActivity.generate!})
+    end
+    
+    should "update the caches of all Time Entries" do
+      TimeEntry.update_all('cost = null')
+
+      # Check that cost is NULL in the database, which skips the caching
+      assert_equal "2", ActiveRecord::Base.connection.select_all('select count(*) as count from time_entries where cost IS NULL').first["count"]
+
+      Rate.update_all_time_entries_with_missing_cost
+
+      assert_equal "0", ActiveRecord::Base.connection.select_all('select count(*) as count from time_entries where cost IS NULL').first["count"]
+
+    end
+    
+    should "timestamp a successful run"
+  end
 end