Until you submit a timesheet for approval, it displays in your timesheet list and remains unapproved. Submitting your timesheet sends the timesheet to your manager for approval.
Once your manager approves your timesheet, the data is posted and entered into the project plan. Project managers can then compare actuals to estimates and change the project plan accordingly. Submitted and approved timesheets have a status of "Approved," and can be viewed in a list of approved timesheets by resources with the appropriate access rights.
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