Configuring NTP locally is pointless because it will not be able to update from the main pool of time servers which are on the internet.
Really, this is like having a DNS server without the internet as well...which is pretty pointless as well.
But if you still think this is a good idea (which, if it cannot update itself via the internet at the beginning...the ntp server will only show the time that you set it to be)
Open up /etc/ntp.conf and configure it to your liking.