When working with other users in a Team, your individual preferences are maintained in the program so that you can work the way you want without impacting your colleagues. You can specify your own defaults, enter your own billing rate values, select your own time entry options and more. To ensure consistency, all settings such as terminology, File types and roles, billing rates and time entry requirements are maintained for the entire Team.
Changes on the Preferences tab will just affect that particular user. Changes on the Setup tab will affect all Team members. In Credenza Pro, the person who invites the other Team Members is responsible for the licenses for the entire Team.