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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 can be added on the clients page and projects created on the projects page, naming the project, selecting the client, and choosing a color. Projects can be created manually or imported via a CSV file. Tasks can be added to projects to categorize track time by activity. Hourly rates can be set up in workspace settings, defining a global rate that applies to all time entries.