location of files

I just installed Parallels tonight with XP.

I had thought that Parallels stores the virtual folder in the ~/library/Parallels folder. However, it's not there in mine. There is a Parallels folder in the HD/library folder, but the virtual disk is not there. I then thought it it might be in the Applications/Parallels folder. Not there either.

I did finally find it in the ~/Documents/Parallels folder. Is this normally the default location for these to be saved? I'm just needing to know which components to deselect from my Time Machine backups.

 

In Parallels Desktop version 3 it is default location