There is, we call it "Penalty in & out time" which may be known as the "Grace period"
The main purpose is to validate any punches within certain period inside the schedule hour ( late arrival , early departure) , and the punch will not be penalized (still paying by schedule hours) and not marked as exception.
They are in the pay group settings
Please consider the example below to get a better understanding
Assume "Penalty Time In and out" are both set to 10 minutes
Assume schedule is 9am ~ 5pm
If clock in at 9:07am, there is no exception, and the work starting time is still 9am.
If clock in at 9:17am, it is outside grace period, and so marked as exception , work starting time is the actual clock in time 9:17am.
If clock out at 4:53pm, there is no exception, work finish time is still 5pm.
Please note that if they are outside grace period and there is a rounding rules selected, the time will be rounded instead of actual clocking time.