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I just want to clarify all my assumptions about date/time with a "Close Date" field...

My understanding is that the default "Close Date" field of the opportunity object is a "date" field that has no time value associated.

So if I wanted to run reports on closed dates in a business where hours and minutes are of importance, not just the date itself, am I really going to have to make another field and substitute it in the page layouts?

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Opportunity Close Date holds date only. You can create custom datetime field and during opportunity closure update the field value by workflow field update.

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