From LedHed's Wiki
When running the 2008 R2 BPA for the Active Directoy role I got an error that the server wasn't configured to fetch time from an external time source.
In a nutshell run this command on the server that holds the PDC FSMO role:
w32tm /config /manualpeerlist:us.pool.ntp.org /syncfromflags:manual /reliable:yes /update
This sets the external time source to a pool of US servers hosted by NTP.org.
Note: A quick way to check the location of the FSMO roles: netdom /query fsmo
Guess I already covered this:
Windows Time Service
Reference
http://technet.microsoft.com/en-us/library/cc786897%28v=ws.10%29.aspx