In Time & Budgets, billing rates are associated to Roles (which colleagues inherent) and further customized by task types by role. As such, you can specify that an Accountant on your team may charge $X per hour for any work performed, or customize by the work completed (e.g. $Y per hour for Bookkeeping activities and $Z per hour for Admin activities).
To configure this, you will need to setup the following:
Customize your Task Types in Settings > Workflow > Task Types.
Customize your Roles (and billing rates) in Settings > Colleagues > Roles.
Customize your Task Types
To make changes or create new Task Types go to: Settings > Workflow > Task Types. Here you can edit and add Task Types that you would like to use to track the types of activities that your team members perform, plus specify which of these are billable and non-billable. To learn more, check out how to customize your Task Types.
Customize your Roles
You can update the dollar amount of a Role to have a standard rate. This rate will apply to ALL of your Task Types that are marked as billable.
Alternatively, you can set a custom dollar amount for each and every Task Type. This allows you to choose which Task Types get which dollar amounts. Any task type marked non-billable will not permit you to add a billing rate.
Once set, you will be able to add budgets by specifying who does the work (e.g. Colleague and/or Role), for how much (by task type and its associated billing rate) and for how long. Budgets can easily be added in work templates on the Budget tab or in work items on the Time & Budgets tab by clicking Add Budget Estimate.
Updating Billable Rates
When you make updates to Billable Rates within the job role, all work items in Planned, Ready to Start, In progress and Waiting that currently have that default rate will be updated as well to reflect the new Billable Rate.
If you have created a customized rate, they will not change.
Note: To track budgets, you must have Budgets turned on in Settings > Time & Budgets.