We have just begun our 2021 Planning Season.  We have different Average Labor Rates than 2020 and therefore a different file.  Currently the 2020 file is in Studio and the 2021 was loaded manually into the 2021 Planning Budget.  Now when I look at the Labor Rates Reference Data for any plan, the data is the 2021 rates.  If I look in the actual plan however, the 2020 ones still reflect the 2020 rates.  The 2021 Budget that I imported / published and Updated Reference Data to does reflect the correct 2021 rates.

Since I read that this is a snapshot I would have hoped to see the 2020 rates also reflected in the reference data. 

Is there a "Best Practice" to keep these straight and work with two sets of rates?

Hello - When the reference data was the update in the new plan for FY21?

If the reference data was updated in FY20 it would replace all of the existing rates and the new plan would have those rates as well. If you updated the reference data in only the FY21 plan, FY20 should remain the same.