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Time tracking allows users to track how many hours of work are logged to a specific issue or project. Each time entry of "spent time" can be categorized by activity, and further explained with comments. By filling time estimates, project managers are able to produce better suited project planning as well as follow individual user's progress.
Time tracking is always related to a user, thus it can be used to track how many billable hours this user has accomplished. See the spent time details or spent time report pages for more information.