To access financial information, you must have the 'Access billing information' global permission in your role.
When this billing basis is chosen, time entries are used to calculate billing amounts. Each time entry is billed at the billing hourly rate of the user who has added the entry. Only billable time entries count.
Time entries referred to above are construed to include ones entered in the time 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.