One of the latest features announced for Release Wave 1 2020 in Dynamics 365 Field Service is the ability to ‘configure’ when the system should be generating Booking Timestamps.
What is it and why does this matter?
Booking timestamps is an entity which gets auto-populated to record updates on the status of booking/work orders. It records two important things: status and timestamp.

When a Work Order and associated Booking goes through status changes, booking timestamp maintains a record for each change with a timestamp. This information helps in reporting variety of useful data, for example total billable duration, total travel time, time entries etc.
What is NEW?
The change (still in preview) in this area is to configure ‘when’ the system should generate a timestamp. There are two configurable options now:

To understand how this works, let’s have a look at Booking Status in the test environment:

We have added Depot training, Risk assessment, Quality check and Waiting for Parts as ‘Booking Status’ records for the corresponding Field Service Status. The list of Field Service Status is fixed but Booking Status can be added or modified based on project requirements.
Next, we changed a booking’s status as follows (Booking Status/Field Service Status):
Scheduled/Scheduled -> Traveling/Traveling -> Depot training/On Break -> On Break/On Break -> Risk Assessment/In Progress -> In Progress/In Progress -> Quality Check/In Progress
Following time stamps are created under two different settings:
Per Field Service Status Change

Per Booking Status Change

As we can see the ‘per booking status change’ gives a more granular view into the specific of booking status which could be useful if there are such reporting or billing requirements. Otherwise the ‘per field service status change’ gives a high-level overview of the status changes.
Looking back to previous implementations, I think this is a small but very significant change in the way booking facts are recorded which will help in reporting on actuals and billing. Hope you will find this useful too. Feel free to share if you have any queries.