Cost rates allow you to keep track of internal costs, and billable rates allow you to generate a billable amount to charge your clients. By setting these rates, you can track your projects' progress and get paid for the work you do.

Each person can have only one cost rate and cost rates apply to all projects. It is not possible to set cost rates at the project level.

This article covers setting and editing cost rates. If you need information on setting or editing billable rates, see setting billable rates and editing billable rates. 

What is the cost rate in Harvest?

The cost rate is your internal rate; what an employee or contractor costs you as a business. Cost rates apply to any time a person tracks to any project. 

We use cost rates to automatically calculate your project costs. You’ll see that reflected on your project reports and in exported time reports. We also use cost rates to calculate costs in the contractor report.

Who can see cost rates?

Only Administrators can see and set cost rates.

Setting cost rates 

Cost rates are set in each person’s user profile. To set your team’s cost rates, take the following steps:

1. Go to Team and click Actions > Edit to the right of the teammate you’d like to update.
   • If you're the only person in your account, you can access your own cost rate by clicking your name in the top right and choosing My profile.
2. Go to their Rates tab (left menu).
3. Click + New cost rate.
4. Enter their cost rate.
5. Click Add rate.

Editing cost rates

Each teammate has one cost rate for all projects at a given time. If you need to update a person's cost rate (e.g. they get a raise), you can enter a date for the new rate to go into effect. 

To edit a person’s cost rate take the following steps:

1. Go to Team and click Actions > Edit to the right of the teammate you’d like to update.
   • If you're the only person in your account, you can access your own cost rate by clicking your name in the top right and choosing My profile. 
2. Go to their Rates tab (left menu).
3. Click + New cost rate.
4. Enter the new cost rate and set an effective date for the rate. 
5. Click Add rate.