Paid time off, or "benefit time", is on our feature development list, and would allow you to schedule and track time off. In the meantime, there are a couple ways customers deal now with benefit time:
1) You can manually clock IN/OUT each person if you want to track paid time off, and perhaps set up special job codes to report on them separately (e.g., Holiday, Vacation, Sick, etc.). You can also assign these jobs to their own pay codes with their own pay rate and disable overtime. See these help articles for more on setting up job costing (http://support.fareclock.com/hc/en-us/articles/200967158-How-do-I-set-up-job-costing-) and pay codes (http://support.fareclock.com/hc/en-us/articles/201548906-How-do-I-calculate-employee-wages-).
2) Export worked hours to an accounting or payroll system such as Quickbooks, which can be set up to manage benefit time.