Rates, work mode and terms
The rate is what makes tracked time invoiceable, plus the fields that describe how the work is done.
The rate is the important field
An hour tracked against a project can only reach an invoice if a rate applies to it. Hours with no
rate stay visible everywhere, are counted in your totals, and are refused by the invoice editor
with "{n} h have no rate and cannot be invoiced."
So the rate is not paperwork. It is the difference between hours you can bill and hours you cannot.
Rate type
Hourly, daily, or a fixed price for the whole project, depending on how you agreed the work.
For a fixed-price project you still track time, and it still tells you whether the fix was a good idea. It simply is not multiplied by a rate to produce the invoice.
Work mode
Remote, on site, or hybrid. Descriptive rather than functional: nothing computes off it, and it is there so a project you took because it was remote can be found again.
Per-person rates
On a team, an assignment can carry its own rate, because a junior and a lead on the same project are not billed at the same number. The assignment's rate wins over the project's for that person's hours.
Overriding on a single entry
A manager can override the rate on an individual time entry, or apply a discount. That lives in the entry's Billing section. See Logging and correcting an entry.
The order, from most to least specific: the entry's own override, then the assignment's rate, then the project's rate.