=HOUR(A1)&"."&SUBSTITUTE(MINUTE(A1)/6,".","")

You can see how it turns out.

Well, okay, I don't work with time that often, it's usually dates that I worry about.....anyway I thought this formula that rounds time to 15 minute increments might be useful, at least the payroll where I used to work was calculated this way.

=VLOOKUP(MINUTE(A1),{0,0;15,0.25;30,0.5;45,0.75},2,1)

Does seem a little better I guess.

But you will notice that I just show the decimal part (the minutes), not the hours. What is the norm here?

And, finally, here is a simple formula to show hours as 1 - 12 regardless of AM or PM.

=IF(MOD(A1,12)=0,12,MOD(A1,12))

How about you? What time formulas do you use? Don't forget I've got quite a few date and time formulas here. I'm always happy to add to them and give you credit so don't be shy ;-)