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Default Time Format Conversion

Hello everyone, I have a spreadsheet produced from the reporter of a system
we use. It formats the dates and times as 20070131 and 1530 which I need to
convert to a date/time format excel recognizes. I have been able to use Text
to Columns to break up the date and reassemble it using a formula. The time
field however is difficult because it will populate as a general format
something like this:

DATE TIME
20070823 12 ( which is 00:12 )
20070823 123 ( which is 01:23 )
20070823 1425 ( which is 14:25 )

If I try to use Text to Columns on the time field it will left justify
making it impossible. I've also tried a custom format which looks good on the
sheet and will display 12 as 0012 for example, but the Text to Columns
function does not mind the zero's. Is there a way for me to convert a general
field as shown in my example to a time field formated as say 00:12 or 14:25?

Thanks for any help!!

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