diff --git a/Ledger/Parse.hs b/Ledger/Parse.hs
index e8157f429..88d157a1d 100644
--- a/Ledger/Parse.hs
+++ b/Ledger/Parse.hs
@@ -153,7 +153,7 @@ reservedOp = P.reservedOp lexer
 -- parsers
 
 ledgerfile :: Parser RawLedger
-ledgerfile = ledger <|> ledgerfromtimelog
+ledgerfile = try (ledger) <|> ledgerfromtimelog
 
 ledger :: Parser RawLedger
 ledger = do
@@ -330,12 +330,13 @@ o 2007/03/10 17:26:02
 -}
 timelog :: Parser TimeLog
 timelog = do
-  entries <- many timelogentry
+  entries <- many timelogentry <?> "timelog entry"
   eof
   return $ TimeLog entries
 
 timelogentry :: Parser TimeLogEntry
 timelogentry = do
+  many (commentline <|> blankline)
   code <- oneOf "bhioO"
   many1 spacenonewline
   date <- ledgerdate
diff --git a/Ledger/TimeLog.hs b/Ledger/TimeLog.hs
index 8f4eabdf4..986cf6af1 100644
--- a/Ledger/TimeLog.hs
+++ b/Ledger/TimeLog.hs
@@ -1,12 +1,17 @@
 {-|
 
-A 'TimeLog' is a parsed timelog file (generated by timeclock.el).
-It contains zero or more 'TimeLogEntry's.
+A 'TimeLog' is a parsed timelog file (generated by timeclock.el),
+containing zero or more 'TimeLogEntry's. It can be converted to a
+'RawLedger' for querying.
 
 -}
 
 module Ledger.TimeLog
 where
+import System.Locale (defaultTimeLocale)
+import Data.Time.Clock (UTCTime, diffUTCTime)
+import Data.Time.Format (parseTime, formatTime)
+
 import Ledger.Utils
 import Ledger.Types
 import Ledger.Currency
@@ -40,20 +45,29 @@ entriesFromTimeLogEntries [clockin,clockout] =
        ecomment      = "",
        etransactions = [
         RawTransaction accountname amount "",
-        RawTransaction "TIME" (-amount) ""
+        RawTransaction "assets:TIME" (-amount) ""
        ],
        epreceding_comment_lines=""}
     ]
     where
       accountname = tlcomment clockin
-      intime      = tldatetime clockin
-      indate      = dateFrom $ tldatetime clockin
-      outtime     = tldatetime clockout
-      amount      = hours 0 -- read $ outtime - intime
+      indate      = showDateFrom intime
+      intime      = parseDateTime $ tldatetime clockin
+      outtime     = parseDateTime $ tldatetime clockout
+      hours       = fromRational (toRational (diffUTCTime outtime intime) / 3600) -- whatever
+      amount      = Amount (getcurrency "h") hours 1
 
 entriesFromTimeLogEntries many =
     (entriesFromTimeLogEntries $ take 2 many) ++
     (entriesFromTimeLogEntries $ drop 2 many)
 
 clockoutNowEntry = TimeLogEntry ' ' "" ""
-dateFrom = id
+
+parseDateTime :: String -> UTCTime
+parseDateTime s = fromMaybe err parsed
+    where
+      err    = error $ printf "could not parse timestamp \"%s\"" s
+      parsed = parseTime defaultTimeLocale "%Y/%m/%d %H:%M:%S" s
+
+showDateFrom :: UTCTime -> String
+showDateFrom = formatTime defaultTimeLocale "%Y/%m/%d"
diff --git a/README b/README
index 17ce098a8..8de5e65b6 100644
--- a/README
+++ b/README
@@ -30,4 +30,5 @@ possible, see the ledger manual for more info:
 
 Bugs:
 
-* timelog parser doesn't work
+* timelog balance report shows all accounts when it shouldn't
+* timelog balance total is a little off compared to ledger