Good day, @tmiller2,
Right now, the option to set up the billable rate on your employee's timesheet is to manually mark it billable and enter the rate per hour.
Let's tart by turning on the billable time so you can enter a rate. Here's how:
Then, enter the time as billable:
Feel free to read through this link: What are pay rates, cost rates, and billable rates? for an overview of what they are and how you can manage them in QBO.
Should you need anything else with setting up the billable rate, please leave a comment below. I'll get back to you.