If you go to Users > Users and open a profile of a user, you will be able to update their default labor rate and/or their default billable rate to a new value.

The Labor Rate that you input here, is used as a default rate to calculate labor costs and represents a member's paycheck.

If you don't select the option to 'Update user'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 labor 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'd like to update all recorded logs, please choose to apply the change to new & existing logs.

Users' billable rate is the rate by which you bill your clients for users’ work on projects. This rate will be used to calculate the billable amount on all projects set up by the member-based billable method.

On a user's profile you will be able to update their default Billable Rate:

If you don't select the option to 'Update user'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'd like to update all recorded logs, please choose to apply the change to new & existing logs.
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If a user receives different compensation on different projects and/or you bill their time at a different rate on different projects, you can override the default labor and billable rates on each individual project.

You can enter custom project rates in the Members tab of the project overview: