Option	Description
Rate Label	In this field, enter a name for the new rate label. Specifying a unique name can help identify the rate when it is selected for time entries. The name will be shown to users when they are entering time. So make sure it is something recognizable.
Entry Type	By default, a rate is set to 'Hourly rate;' however, the type can be changed to accommodate other needs. Hourly rate An hourly rate is one that is set explicitly. These rates reference the number of billable hours to calculate a value for the time entry. The calculation is *Rate value billable hour quantity Fixed fee/flat rate Fixed fee/flat rates allow the user to specify a fixed fee to be charged for a time entry. There is no calculation involved, as the time entry value is entered manually. This is beneficial to record items that have an associated price. It removes the need to ensure the rate calculation equals the desired value. When creating a time entry with a fixed rate, the Bill total is entered manually to dictate the value of the time entry. Customizable hourly rate A custom rate allows the user to designate the hourly rate at the time of creating the entry. The custom rate is multiplied by the number of billable hours on the time entry. This rate is subject to the calculation: Custom** rate value * billable hour quantity. When creating a time entry with a customizable rate, the Rate value is manually entered.
Base rate value	This field is only available for Hourly rates. It sets the value of the hourly rate.
Active	This toggle dictates whether the rate is currently in use. This can be helpful to disable rates that you do not want users to be able to use.
Customize rate value by timekeeper	This field is only available for hourly rates. Sometimes a rate will describe a certain type of party or category for example "Lawyer". However, the value billed per hour may vary between timekeepers - some timekeepers may be "junior lawyers" and some may be "senior lawyers" and therefore have differing rates. Rather than create a rate label for each type of lawyer you can customize this rate label by the timekeeper. In the image above, the value has been overridden for one timekeeper while the other will use the value entered in the 'Base rate value' field. Note: if no customized rate value is entered for a timekeeper their rate value will be the base rate.

Creating a Rate Label