Create or modify a rate model

task australia Updated Sep 10, 2026 1 min read create-rate-model.md

Create or modify a rate model that can be linked to a project or demand to determine planned costs and actuals for their resource. The rate model provides date-effective, criteria-driven hourly rates for these investments.

Before you begin

Choose the attributes to define the criteria in a rate model to derive hourly rates.
Define the budget reference rates for the non-functional currency for the required time periods.
Role required: pps_admin or it_rate_model_admin

Procedure

Create a rate model.

Option	Steps
From Project Administration	Navigate to All > Project Administration > Rate Model > All. Click New.
From Time Sheets	Navigate to All > Time Sheets > Rate Model > All. Click New.

2. On the form, fill in the fields.

Field	Description
Name	Unique name for the rate model.
Active	Option for indicating the status of the rate model. Only active rate models can be assigned to a project or demand.
Default	Option for setting the rate model as the default. You can set only one rate model as default. A default rate model is automatically associated to new projects and demands.
Rate model context	Context set for the rate model.Read-only system field.
Currency	Default currency for the rate lines in the rate model.
Rate type	Option for enabling the rate type attribute on rate lines in the rate model.When selected, Rate type is added as one of the attributes along with other defined attributes. For more information, see Rate type in labor rate card.
Description	Short description for the rate model.

3. Click **Submit**.

What to do next

Add attributes from a set of predefined entities to define the criteria for rate model to derive resource cost.

Parent Topic:Rate Models

136 lines · 3.6 KB Wrap lines

---
title: Create or modify a rate model
description: Create or modify a rate model that can be linked to a project or demand to determine planned costs and actuals for their resource. The rate model provides date-effective, criteria-driven hourly rates for these investments.
locale: en-US
canonical_url: https://www.servicenow.com/docs/r/australia/it-business-management/rate-model/create-rate-model.html
release: australia
product: Rate Model
classification: rate-model
topic_type: task
last_updated: "2026-09-10"
reading_time_minutes: 1
breadcrumb: [Rate Models, Project Portfolio Management, Strategic Portfolio Management]
---

# Create or modify a rate model

Create or modify a rate model that can be linked to a project or demand to determine planned costs and actuals for their resource. The rate model provides date-effective, criteria-driven hourly rates for these investments.

## Before you begin

-   Choose the attributes to define the criteria in a rate model to derive hourly rates.
-   Define the [budget reference rates](https://raw.githubusercontent.com/ServiceNow/ServiceNowDocs/australia/markdown/australia/it-business-management/ppm-collaboration/c_BudgetReferenceRates.md) for the non-functional currency for the required time periods.
-   Role required: pps\_admin or it\_rate\_model\_admin

## Procedure

1.  Create a rate model.

<table id="create-rate-model-option"><thead><tr><th align="left" id="d189447e71">

Option

</th><th align="left" id="d189447e74">

Steps

</th></tr></thead><tbody><tr><td id="d189447e80">

**From Project Administration**

</td><td>

1.  Navigate to **All** &gt; **Project Administration** &gt; **Rate Model** &gt; **All**.
2.  Click **New**.


</td></tr><tr><td id="d189447e116">

**From Time Sheets**

</td><td>

1.  Navigate to **All** &gt; **Time Sheets** &gt; **Rate Model** &gt; **All**.
2.  Click **New**.


</td></tr></tbody>
</table>2.  On the form, fill in the fields.

<table id="table_cwy_r3n_cfb"><thead><tr><th>

Field

</th><th>

Description

</th></tr></thead><tbody><tr><td>

Name

</td><td>

Unique name for the rate model.

</td></tr><tr><td>

Active

</td><td>

Option for indicating the status of the rate model. Only active rate models can be assigned to a project or demand.

</td></tr><tr><td>

Default

</td><td>

Option for setting the rate model as the default. You can set only one rate model as default.

 A default rate model is automatically associated to new projects and demands.

</td></tr><tr><td>

Rate model context

</td><td>

Context set for the rate model.Read-only system field.

</td></tr><tr><td>

Currency

</td><td>

Default currency for the rate lines in the rate model.

</td></tr><tr><td>

Rate type

</td><td>

Option for enabling the rate type attribute on rate lines in the rate model.When selected, **Rate type** is added as one of the attributes along with other defined attributes. For more information, see [Rate type in labor rate card](https://raw.githubusercontent.com/ServiceNow/ServiceNowDocs/australia/markdown/australia/it-business-management/cost-management/RateType.md).

</td></tr><tr><td>

Description

</td><td>

Short description for the rate model.

</td></tr></tbody>
</table>3.  Click **Submit**.


## What to do next

[Add attributes from a set of predefined entities](https://raw.githubusercontent.com/ServiceNow/ServiceNowDocs/australia/markdown/australia/it-business-management/rate-model/define-rate-model-criteria.md) to define the criteria for rate model to derive resource cost.

**Parent Topic:**[Rate Models](https://raw.githubusercontent.com/ServiceNow/ServiceNowDocs/australia/markdown/australia/it-business-management/rate-model/rate-model.md)