If you go to Team > Team members and select one of your members, you will be able to enter their labor rate and/or their billable rate.
Labor rate is the rate by which your team members are getting paid (used to calculate their paycheck).
Billable rate is the rate by which you charge your clients for an hour of their work (used to calculate the billable amount for the invoice).
UPDATE LABOR RATE
The hourly rate that you input here, is used as a default rate to calculate labor costs for the Economy report and represents members' earnings.
If you don't select the option to 'Update team member's labor rate on all assigned projects', the rate will only be updated for the new projects and the currently assigned projects will keep the previous rate.
You can choose for this hourly rate change to be applied to the new logs only, to the new & existing logs, or to logs created from a certain date forward. If you wish to update all recorded logs, please choose to apply the change to new & existing logs.
If a team member receives different compensation on different projects, you can enter a separate labor rate for each project. You will be able to enter a custom labor rate when assigning members to the project, on the Project members page of the project overview:
UPDATE BILLABLE RATE
Team members' billable rate is the rate by which you bill your clients for members’ work on projects. This rate will be used to calculate the billable amount on all projects that are set up by the member-based billable method.
On team members' profiles you will be able to update their default billable rate:
If you don't select the option to 'Update team member's billable rate on all assigned projects', the rate will only be updated for the new projects and the currently assigned projects will keep the previous rate.
Again, you can choose for this billable rate change to be applied to the new logs only, to the new & existing logs, or to logs created from a certain date forward. If you wish to update all recorded logs, please choose to apply the change to new & existing logs.
If a team member has different billable rates on specific projects, you can adjust the rate for each project on the project overview.
You will be able to enter the project-specific billable rate for each member when assigning them to a project, on the Project members page of the project overview:
