“Timesheet Entry Journal” is a great tool that simply gets the job done. Full Stop.
Our PRINCE-2 methodology PM system is not for just time recording – for that we have used Excel spreadsheets from years ago and could have used them now. The purpose of any management system is to attempt as better planning as possible and record the history of such planning, which then should be used to improve on new tasks.
That is why we are creating Programmes, Projects, Products and Actions for granular control, management and reporting. And as with any planning, a glance into the future is always quite difficult, because you have to budget time and then adjust it as the project progresses, which is not always applicable and much depends on specific needs.
The correct way in my mind is when I can create a plan for at least two weeks ahead and then update my planned actions as I progress through them. Not only this simplify my goal of tracking my own time, but it also gives the management an overview of what each resource is going to do and allows allocation scheduling onto correct tasks.
Analogy from the standard system is General Journal Line of type Invoice, which when posted produces a General Ledger Entry with amount and date. If you try invoicing either of them to a customer, it won’t go well, because you must have supporting documentation and that’s where sales documents come into play, which also in the end produce General Ledger Entry.
I believe, if you are doing a simple registering of past events and it works for you, it’s good only for you, but if you can plan ahead in a sustainable manner, it’s better for everyone.