This billing basis under Time & Material billing type uses time entries for calculating billing amounts. Each time entry is billed at a project hourly rate specified in the Fee amount field. Only billable time entries are used in calculating the billing amount.
To access financial information, you must have the 'Access billing information' global permission in your role.
Time entries referred to above are construed to include ones entered in the log as part of Hourly Rate billing activities only. Only time entries flagged as Billable count.
Project billing settings are used to produce billing reports.