If you have upgraded your TeamTime site from a version earlier than 1.4 then you will see the following message on the Settings page:
This message is letting you know that the legacy lists are ready to be deleted. Simply click Delete to do so.
Versions 1.4 and onwards use a different list template to the earlier versions. The newer template uses TeamTime's content types, which allow the use of custom columns on the timesheet.
Many customers have used our extensibility options to integrate TeamTime into their organisations. Deleting these lists may cause these customizations to be irretrievably lost.
Leaving the legacy lists in place gives these customers the opportunity to copy or reproduce these customizations before removing the lists from their site(s).