Summary: Working time accounts (WTAs) provide flexibility to a company to adjust the capacity to the demand by planning, for each period and each worker, an appropriate number of working hours. Under this scheme, every worker has a balance that can be positive (the company owes hours to the worker), zero or negative (the worker owes hours to the company). Credit (or debit) hours are compensated by working less (or more) hours than the reference value in the subsequent periods. This scheme is especially useful for companies dealing with demand fluctuations, because WTA balances can take any value, provided that these belong to a given bounded interval. Other conditions that affect the number and distribution of working hours may be established either in law or in the WTA agreement. This paper proposes a new mathematical model for planning production, inventory levels, working time and temporary closures in a manufacturing company operating under a standard WTA scheme. The results of the computational study show that the model is an appropriate tool not only for planning but also for helping in the bargaining process (different WTA scheme configurations could be evaluated with the model).