If you want that time to be static, then you can't use a formula.

=now() will update whenever excel recalcs.

But you could use a macro.

In fact, JE McGimpsey has ready for you:
http://www.mcgimpsey.com/excel/timestamp.html

If you're new to macros, you may want to read David McRitchie's intro at:
http://www.mvps.org/dmcritchie/excel/getstarted.htm

Sergeant Henderson USAF wrote:

I'm creating a log sheet that will have entries every few minutes in the
second cell or column B. I need the time to be automatically entered in A
each time. Is this possible? I've tried several formulas with no luck. The
closest formula that I can get is =IF(B1=1, "NOW()") however this will return
an error. If this were to work then a 1 would have to be entered in B1. I
tried using a wildcard with no luck also.
Time taken from the computer clock is entered as =NOW()
Please help if you can
Thanks
Tim

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Dave Peterson