Updating team member's deafult hourly rate is easy. Visit Team > Team members, select any team member and change the "Hourly rate" amount.
You can also re-calculate billable amounts on past time logs for this member. Click on the "Changes will be applied from: now" link and select a date further in the past.
In case you want to update the overridden "Actual hourly rate" on Projects, select "UPDATE TEAM MEMBER RATE ON ALL PROJECTS WITH THIS TEAM MEMBER ASSIGNED".
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