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The Cost Rate module allows you to set up a cost code and cost rate by Project for timesheets.  The rates could be set with different cost codes depending on the sequence you want the system to retrieve the cost rate.   

For example if you have the following rates:

If Any one changed hours on Project ABC the cost rate will be $100 per hour except one Employee which is  Employee A worked worked on this project it will be $150 per hour and any other projects the default rate is $200 per hour.

So you could setup the following sequence so the system picks the correct cost rate

Sequence

Bill Code

 Project

Employee

1

01100

Project ABC

Employee A

$150

2

00100

Project ABC

Any

$100

3

00000

Any 

Any

$200

To setup the following: