Returns the decimal representation of the current time. The decimal number returned by NOW.TIME is a value ranging from 0 (zero) to 0.99999999, representing the times from 0:00:00 (12:00:00 AM) to 23:59:59 (11:59:59 P.M.).
Note NOW.TIME returns the current time only. To use a function for a particular time, use the TIME function. For more information, see the topic TIME function.
NOW.TIME()
The NOW.TIME function syntax has no arguments. You must include the empty parentheses with the function name. Otherwise, SharePoint Foundation 2010 will not recognize it as a function.