There are many different options to set hourly rates for billing purposes in My Hours. You can choose a different method for each project.

By selecting a member-based rate, the billable amounts will be calculated from the billable rate of each team member that is tracking time.

By default, every project with a member-based rate will have the billable amount calculated from the billable rate that is set for each member on their profile. However, you can also set a different billable rate for a specific project when assigning members to a project:

If you bill time spent on different tasks at different rates, choose a task-based rate. You will then need to enter the hourly rate for each individual task when adding them to your project, like this:

Choose this option if all tracked time on your project will be billed at the same hourly rate. Every hour tracked on this project will then be billed by the rate you enter here:

If you select this option, the billable amount will not be calculated from your time logs.

In case you need a simple hourly rate for yourself, select Member-based rate, and enter your hourly rate in the Team members section (explained above).

To be able to invoice a fixed fee for a project, please select ‘Project rate’ as a billable method and set the rate at $0.00 per hour. Then you can add the fixed fee amount as the expense to just one of the recorded time logs in the invoicing period. This way you will be able to invoice the flat amount to your client.

If you bill some tasks at an hourly rate and others with a fixed fee, please choose a Task-based rate. Set the hourly rate for the flat fee tasks at $0.00. Then add the fixed fee amount as the expense to just one of the recorded time logs in the invoicing period.

Please check this article to learn how to change the rates for new time logs only and keep the old rate for existing time logs.