The business hourly rate will be used as the default rate for the owner of the business and projects.

Each person's profile can have their own hourly rate which is used to any time logged into the timesheet, by them. Although their rate will be shown on timesheets, their rate will not be reflected on invoices. Instead, the business default hourly rate will be applied unless overridden by the project rate.

Here's two examples to try and simplify the way rates work:

Tracking time as the owner of the business: Your business has an hourly rate of $20 an hour, and therefore your next project will also have the hourly rate of $20. If you tracked time inside that project, your rate on the timesheet will be $20. If you changed the project rate from $20 to $30, then the time reflected on the timesheet will stay $20 for all already tracked time and it will show as $30 on invoices.
Time tracked by others Your business has an hourly rate of $20 an hour, but Alex, your teammate has an hourly rate of $30 an hour, therefore whatever time Alex log will be shown as $30 on the timesheet, but when you add their time to an invoice it will be shown as $20, as the invoice will use the business or project rate as a billing rate.
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