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This video tutorial covers setting up hourly rates, tracking billable hours, and invoicing clients. Before tracking time, clients and projects need to be set up. Clients and projects can be added on the clients page by creating a project for a client, naming it, selecting a client, and choosing a color. Projects can be created manually or imported using a CSV file. Tasks can be added to further categorize tracked time. Hourly rates can be set up in the workspace settings, where a global hourly rate can be defined to apply to all time entries.