Whenever you change any billing settings (billing method, hourly rate, rounding of time) or approval settings on your project, you can decide from which date onward you want these changes to be applied.

You can even apply your current settings further in the past by choosing the custom date.

The default mode is that your changes will be applied from now on, but you are able to change the date here:

If you choose for th changes to be applied from 'the beginning', all time logs on this project will get their billing rates and amounts re-calculated. 

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