The Bill Rate is the rate that your company charges a customer for each labor hour on a Time and Materials contract.
The Bill Rate is used in billing, revenue recognition, and planning. Bill Rates may be configured in Labor Categories, Projects, Project/Task Assignments, and on the Person Profile.
Bill rates are typically configured in Labor Categories and in People Assignments. Special attention should be made to the setting in the Time tab of Bill Rate Source (Project > List > List tab > Edit Pencil Icon > Time tab) which should most often be set to Labor Category.
If Bill Rates are negotiated on a project-by-project basis, then the Master Labor Category bill rate in Admin > Setup > Labor Categories should be left blank in order to identify errors more easily in reporting. This is so that a value of zero would show on the reports if the bill rate was not assigned at the project level.
If your people typically bill out at the same rate on every project that they work on, you can populate the People > List > List tab > Edit Pencil Icon > Rates tab for bill rate, and set the Project > List > List tab > Time tab to Bill Rate Source: Default to the person's bill rate. An example of this is that Sue Smith is always billed out at $200/hour no matter what project she works on, and no matter what type of work she performs.
If, on the other hand, your people are billed out based upon their labor category or the type of work they are performing, then you will want to leave the People > List > List tab> Edit Pencil Icon > Rates tab at $0 for bill rate. You will then set the Project > Time tab to Bill Rate Source: Default to the labor category's bill rate and you will set the labor category in the assignment.