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I can see how important for you to be able to revise employee's historical cost rates for projects in QuickBooks Online. For now, the option to do so is by opening each timesheet and from there you can edit the rate. Please note that we want you to save time and keep things simple when doing a task in Quickbooks.
Here's how:
I would also encourage you to visit our QuickBooks Online blog regularly. From there, you'll be updated with the features and enhancements that our developers are currently working on.
Please let me know if you need anything else. I'm always here to help.