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In this video tutorial, the process for setting up hourly rates, tracking billable hours, and invoicing clients is outlined. The first step is to add clients on the Clients page and create related projects. Users can name the project, select a client, and assign a color. Existing projects can also serve as templates to copy settings. For bulk creation, a CSV file can be imported. Once the project is created, an empty task list appears, where users can create tasks to categorize tracked time by activity type (e.g., design, development). Finally, hourly rates can be set up in workspace settings, allowing for a global rate that applies to all time entries.