I've got a couple of Debian based machines running on VMWare, and the clock keeps going out of sync. I want to have as little overhead on these boxes as possible, so I set up an NTP Daemon on the VMWare host, and then the NTP Clients on the VMWare Guests.
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Firstly, I had to get the NTPd running on the server. The Host machine is running Debian, but if you aren't, then provided you can install an NTP server on the server, you'll be OK.