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There are four different types of billing rate types configurable at project level. Billing rate can be define with its applicable date range with complete history. Timesheet then pick billing rate based on timeentry date from billing rate history defined at employee level, project role level or project employee level. 

When you set up a project, you will do the following in addition to setting the basic project characteristics. 

Select type of billing rate pick option in [Project] from one of these options

1. [Use employee own billing rate] TimeEntry will pick employee own billing rate defined in [Employee] form. 

2. [Use Project Roles billing rate] TimeEntry will pick role based billing rate defined in [Project Roles] configuration.

3. [Use Project employee billing rate] TimeEntry will pick project based team member billing rate defined in [Project Team]

4. [Use Task based billing rate] TimeEntry will pick billing rate defined in individual project tasks.

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